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AK HB109

Bill

Official Source

Status

Introduced

3/13/2023

Primary Sponsor

Benjamin Carpenter

Click for details

Origin

House of Representatives

33rd Legislature

AI Summary

  • Eliminates the multi-tiered corporate net income tax brackets and replaces them with a single 2 percent tax rate on taxable income over $25,000, with no tax on income below $25,000
  • Removes previous tax brackets that ranged from 2 percent to 9.4 percent depending on income levels, simplifying the corporate tax structure
  • Applies to tax years beginning on or after January 1, 2025
  • Takes effect January 1, 2025

Legislative Description

Reduce Corp. Net Income Tax Rate

Taxation

Last Action

REFERRED TO FINANCE

4/17/2024

Committee Referrals

Finance4/17/2024
Ways & Means3/13/2023

Full Bill Text

No bill text available