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, which states that such corporations are exempt from the tax imposed under this chapter. Additionally, the bill repeals the existing subsection AS 43.20.012(e), which may have contained previous provisions regarding corporate taxation in the area.

The bill includes provisions for its effective date, with the new tax exemption taking effect immediately, while the repeal of the previous subsection will take effect on July 1, 2035. This legislative change aims to encourage business operations in Port MacKenzie by providing a tax incentive for corporations.

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