HB 398: "An Act relating to the allocation and apportionment of income of a public utility for purposes of the Alaska Net Income Tax Act; and providing for an effective date."
00 HOUSE BILL NO. 398 01 "An Act relating to the allocation and apportionment of income of a public utility for 02 purposes of the Alaska Net Income Tax Act; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 43.20 is amended by adding a new section to article 2 to read: 05 Sec. 43.20.146. Public utilities. Notwithstanding sec. 2, art. IV of AS 43.19 06 (Multistate Tax Compact), and unless otherwise provided under AS 43.20.143 - 07 43.20.145, a taxpayer that is a public utility shall allocate income in accordance with 08 the remainder of art. IV of AS 43.19 (Multistate Tax Compact). 09 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 APPLICABILITY. AS 43.20.146, added by sec. 1 of this Act, does not apply to a 12 taxpayer that files a return under AS 43.20 for a taxable year commencing before the effective 13 date of sec. 1 of this Act. 14 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 TRANSITION: REGULATIONS. The Department of Revenue shall adopt regulations 03 necessary to implement the changes made by this Act. The regulations take effect under 04 AS 44.62 (Administrative Procedure Act), but not before January 1, 2019. 05 * Sec. 4. Sections 1 and 2 of this Act take effect January 1, 2019.