00                     CS FOR HOUSE BILL NO. 109(W&M)                                                                     
01 "An Act reducing the corporate net income tax rate; and providing for an effective                                      
02 date."                                                                                                                  
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 43.20.011(e) is amended to read:                                                                   
05            (e)  There is imposed for each taxable year on [UPON] the entire taxable                                 
06       income of every corporation derived from sources within the state a tax computed as                               
07       follows:                                                                                                          
08       If the taxable income is:       Then the tax is:                                                                  
09       Less than $25,000               zero                                                                              
10       $25,000 or more [BUT LESS THAN  2 percent of the taxable income                                               
11          $49,000]                        over $25,000                                                                   
12       [$49,000 BUT LESS THAN $74,000  $480 PLUS 3 PERCENT OF                                                            
13                                          THE TAXABLE INCOME                                                             
14                                          OVER $49,000                                                                   

01       $74,000 BUT LESS THAN $99,000   $1,230 PLUS 4 PERCENT OF                                                          
02                                          THE TAXABLE INCOME                                                             
03                                          OVER $74,000                                                                   
04       $99,000 BUT LESS THAN $124,000  $2,230 PLUS 5 PERCENT OF                                                          
05                                          THE TAXABLE INCOME                                                             
06                                          OVER $99,000                                                                   
07       $124,000 BUT LESS THAN $148,000 $3,480 PLUS 6 PERCENT OF                                                          
08                                          THE TAXABLE INCOME                                                             
09                                          OVER $124,000                                                                  
10       $148,000 BUT LESS THAN $173,000 $4,920 PLUS 7 PERCENT OF                                                          
11                                          THE TAXABLE INCOME                                                             
12                                          OVER $148,000                                                                  
13       $173,000 BUT LESS THAN $198,000 $6,670 PLUS 8 PERCENT OF                                                          
14                                          THE TAXABLE INCOME                                                             
15                                          OVER $173,000                                                                  
16       $198,000 BUT LESS THAN $222,000 $8,670 PLUS 9 PERCENT OF                                                          
17                                          THE TAXABLE INCOME                                                             
18                                          OVER $198,000                                                                  
19       $222,000 OR MORE                $10,830 PLUS 9.4 PERCENT OF                                                       
20                                          THE TAXABLE INCOME                                                             
21                                          OVER $222,000].                                                                
22    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
23 read:                                                                                                                   
24       APPLICABILITY. AS 43.20.011(e), as amended by sec. 1 of this Act, applies to a                                    
25 taxpayer that is filing a return for a tax year beginning on or after January 1, 2025.                                  
26    * Sec. 3. This Act takes effect January 1, 2025.