AK SB92

Imposes a 9.4% income tax on pass-through entities (sole proprietorships, partnerships, LLCs, and S corporations) engaged in oil or gas production or pipeline transportation in Alaska, applying only to taxable income exceeding $5,000,000

Qualified entities are taxed as if they were C corporations, but cannot claim most federal tax credits or deductions except those available to C corporations

Exempts corporations already subject to Alaska's corporate income tax under AS 43.20.011 and entities that are part of a unitary business with such corporations

Requires the Department of Revenue to aggregate taxable income of multiple entities if structured to avoid the $5,000,000 threshold

Takes effect immediately and applies retroactively to tax years beginning on or after January 1, 2025, with taxes for 2025 due by January 1, 2026, and interest/penalties waived until that date