HB 252: "An Act exempting certain small businesses from the corporate income tax; and providing for an effective date."
00 HOUSE BILL NO. 252 01 "An Act exempting certain small businesses from the corporate income tax; and 02 providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 43.20.012 is amended to read: 05 Sec. 43.20.012. Limitation on application of chapter; credits. (a) The tax 06 imposed by this chapter does not 07 (1) apply to an individual; 08 (2) apply to a fiduciary; or 09 (3) for a tax year beginning after December 31, 2012, apply to an 10 Alaska corporation that is a qualified small business that is actively engaged in a 11 qualified trade or business [APPLY TO INDIVIDUALS OR TO FIDUCIARIES]. 12 (b) An [HOWEVER, AN] individual may file a return under this chapter in 13 order to receive a tax credit under AS 43.20.013. 14 * Sec. 2. AS 46.20.012 is amended by adding new subsections to read:
01 (c) For the purposes of (a)(3) of this section, 02 (1) whether a corporation qualifies under (a)(3) of this section shall be 03 determined on the first day of the tax year for which the corporation claims it qualifies 04 under (a)(3) of this section; 05 (2) a corporation qualifying under (a)(3) of this section shall file an 06 annual report with the department at the time a return would otherwise be required if 07 the corporation were subject to the tax imposed by this chapter; the report must state 08 (A) whether the corporation is an Alaska corporation; 09 (B) the aggregate gross assets of the corporation; 10 (C) whether the corporation is a member of a parent-subsidiary 11 controlled group and, if the corporation is a member of a parent-subsidiary 12 controlled group, the identity of each corporation that is in the parent- 13 subsidiary controlled group; and 14 (D) other information required by the department in a 15 regulation adopted by the department; 16 (3) all corporations that are members of the same parent-subsidiary 17 controlled group shall be treated as one corporation. 18 (d) In this section, 19 (1) "aggregate gross assets," "parent-subsidiary controlled group," 20 "qualified small business," and "qualified trade or business" have the meanings given 21 in 26 U.S.C. 1202 as that section read on January 1, 2012; 22 (2) "Alaska corporation" means a corporation that 23 (A) has been incorporated in the state or is authorized to do 24 business in the state; and 25 (B) has its headquarters or principal place of business in the 26 state. 27 * Sec. 3. This Act takes effect July 1, 2012.