00                            HOUSE BILL NO. 481                                                                          
01 "An Act reimposing the corporate income tax on income from large commercial                                             
02 passenger vessels operated by certain foreign corporations."                                                            
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 43.20.021(a) is amended to read:                                                                  
05            (a)  Sections 26 U.S.C. 1 - 1399 and 6001 - 7872 (Internal Revenue Code), as                                 
06       amended, are adopted by reference as a part of this chapter.  These portions of the                               
07       Internal Revenue Code have full force and effect under this chapter unless excepted to                            
08       or modified by other provisions of this chapter.  However, except as otherwise                                
09       provided in this section, nothing in this chapter or in AS 43.19 (Multistate Tax                              
10       Compact) may be construed as an exception to or modification of 26 U.S.C. 883.                                    
11    * Sec. 2.  AS 43.20.021 is amended by adding a new subsection to read:                                             
12            (h)  For purposes of calculating tax under this chapter, the exemption for ships                             
13       operated by certain foreign corporations in 26 U.S.C. 883(a)(1) does not apply to large                           
14       commercial passenger vessels.  For purposes of this subsection, "large commercial                                 

01       passenger vessel" has the meaning given in AS 46.03.490.