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 effective date of the new exemption takes effect immediately, as specified in Section 3, while the repeal of the previous subsection will take effect on July 1, 2035, as outlined in Section 4. This legislation 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