Alaska HB152 establishes an education tax on income of individuals, trusts, and estates.

HB152 introduces an education tax in Alaska, imposing a 4% tax on income over $150,000 for residents and nonresidents earning income from state sources. The tax applies to individuals, trusts, and estates, with specific provisions for nonresidents and part-year residents. The bill also outlines methods for calculating taxable income, withholding requirements for employers, and procedures for tax credits and refunds. The revenue generated will fund the early education fund for kindergarten through grade 12 education and early learning programs.

Alaska HB152 establishes an education tax on income of individuals, trusts, and estates.

HB152 introduces an education tax in Alaska, imposing a 4% tax on income over $150,000 for residents and nonresidents earning income from state sources. The tax applies to individuals, trusts, and estates, with specific provisions for nonresidents and part-year residents. The bill also outlines methods for calculating taxable income, withholding requirements for employers, and procedures for tax credits and refunds. The revenue generated will fund the early education fund for kindergarten through grade 12 education and early learning programs.