AK HB331

Replaces Alaska's tiered corporate income tax system with a flat 9.4 percent tax rate on taxable income over $15,000,000.

Eliminates the previous progressive tax brackets that ranged from 2 percent to 9 percent and applied to corporations with taxable income between $25,000 and $222,000.

Applies to taxable income earned on or after July 1, 2024.

Simplifies corporate tax calculation by removing multiple income thresholds and fixed base amounts.