Legislature(2023 - 2024)
2024-04-26 Senate Journal
Full Journal pdf2024-04-26 Senate Journal Page 2323 SB 265 SENATE BILL NO. 265 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, entitled: "An Act relating to tax exemptions for agriculture and timber business; and providing for an effective date." was read the first time and referred to the Community and Regional Affairs and Finance Committees. The following fiscal information was published today: Fiscal Note No. 1, indeterminate, Department of Revenue 2024-04-26 Senate Journal Page 2324 Governor's transmittal letter dated April 25: Dear President Stevens: Under the authority of Article III, Section 18 of the Alaska Constitution, I am transmitting a bill designed to reduce the burden of income, property, and sales tax on the agriculture and timber industries in the State. Under the terms of the bill, certain agriculture and timber businesses would be exempt from state and local income, property, and sales taxes for a period of 10 years. Alaska has a vested interest in ensuring a robust agricultural and timber economy. To support that economy, this bill would exempt agriculture and timber businesses that produce at least $25,000 per year in agriculture or timber products from local property tax assessments, city and borough sales taxes, and state corporate income tax for 10 years. The implementation of this tax exemption will promote the growth of new and existing businesses in the State. I urge your prompt and favorable action on this measure. Sincerely, /s/ Mike Dunleavy Governor