AK HB399

Creates the Tax Relief for Agriculture Industry and Lumber (TRAIL) Act to exempt real and personal property used for agriculture business or timber business from general property taxation, requiring annual application to assessor before May 15 each year.

Defines "agriculture business" as production of aquatic plants, ornamental plants, crops, fruits, or livestock on land producing at least $25,000 of agricultural products annually (or meeting IRS Schedule F filing requirements), excluding cannabis cultivation under AS 17.38.

Defines "timber business" as production of forest products on land producing at least $25,000 of timber products annually (or meeting IRS Form T filing requirements).

Prohibits boroughs and cities from levying or collecting sales or use taxes on agriculture business or timber business activities.

Exempts corporations from corporate income tax on income attributable to agriculture or timber business, including incidental income from selling related equipment; all provisions sunset January 1, 2035.