Establishes a corporate income tax on oil and gas entities in Alaska, effective January 1, 2025.

The bill introduces a corporate income tax on entities with qualified taxable income over $5,000,000, specifically targeting entities involved in oil or gas production or transportation in Alaska. The tax rate is set at 9.4 percent on income exceeding $5,000,000. The Department of Revenue is tasked with collecting this tax and depositing it into the energy and electrical grid projects or upgrades fund. The bill also includes provisions for retroactive application of regulations and adjustments to filing requirements and deductions. It takes effect immediately under Alaska law.

Establishes a corporate income tax on oil and gas entities in Alaska, effective January 1, 2025.

The bill introduces a corporate income tax on entities with qualified taxable income over $5,000,000, specifically targeting entities involved in oil or gas production or transportation in Alaska. The tax rate is set at 9.4 percent on income exceeding $5,000,000. The Department of Revenue is tasked with collecting this tax and depositing it into the energy and electrical grid projects or upgrades fund. The bill also includes provisions for retroactive application of regulations and adjustments to filing requirements and deductions. It takes effect immediately under Alaska law.