This bill establishes a net corporate income tax exemption for corporations primarily operating in Port MacKenzie by adding a new subsection to AS 43.20.012. Specifically, the new subsection (e) states that such corporations are exempt from the tax imposed under this chapter.

Additionally, the bill repeals the existing subsection (e) of AS 43.20.012, which may indicate a prior exemption or provision that is no longer applicable. The effective date for the new exemption takes effect immediately, while the repeal of the previous subsection will take effect on July 1, 2035.

Statutes affected:
SB0175A, AM SB 175, introduced 04/15/2025: 43.20.012