AK HB350

Imposes a 9.4% income tax on "qualified entities" (sole proprietorships, partnerships, LLCs, and S corporations) with taxable income exceeding $25,000,000 per year, with the tax applying only to income above that threshold

Taxable income is calculated as if the entity were a C corporation under federal tax law as of January 1, 2026

Exempts entities already subject to Alaska's corporate income tax or those that are part of a unitary business with a taxable corporation

Authorizes the Department of Revenue to aggregate income from multiple entities to prevent artificial splitting of income to avoid the $25,000,000 threshold

Takes effect immediately with retroactive application to January 1, 2026; taxes for the 2026 tax year are due by January 1, 2027, with interest and penalties waived during the transition period