00                            SENATE BILL NO. 83                                                                          
01 "An Act relating to the corporation income tax; and relating to the computation of                                      
02 interest under the look-back method applicable to long-term contracts in the Internal                                   
03 Revenue Code."                                                                                                          
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            (j)  For purposes of calculating interest under the look-back method in 26                                   
07       U.S.C. 460 (Internal Revenue Code), the rate of interest shall be as provided in that                             
08       section.                                                                                                          
09    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
10 read:                                                                                                                   
11       APPLICABILITY. The rate of interest provided for in AS 43.20.021(j), enacted by                                   
12 sec. 1 of this Act, applies on and after the effective date of this Act.