CSHB 235(W&M): "An Act excepting 26 U.S.C. 199 from the portions of the federal Internal Revenue Code incorporated by reference into the Alaska Net Income Tax Act; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 235(W&M) 01 "An Act excepting 26 U.S.C. 199 from the portions of the federal Internal Revenue Code 02 incorporated by reference into the Alaska Net Income Tax Act; and providing for an 03 effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 43.20.021 is amended by adding a new subsection to read: 06 (h) Notwithstanding any other provision of this chapter, this chapter excepts to 07 and does not adopt 26 U.S.C. 199 (Internal Revenue Code). In computing a net 08 operating loss or a net capital loss for purposes of applying the loss to another tax year 09 as provided in this chapter, the computation shall be determined without regard to the 10 deduction allowed for federal income tax purposes under 26 U.S.C. 199 (Internal 11 Revenue Code). 12 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 APPLICABILITY. AS 43.20.021(h), added by sec. 1 of this Act, applies to tax years
01 beginning on or after January 1, 2005. 02 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).