TAX EXEMPTION: PORT MACKENZIE CORPS

Plain English Breakdown

The official source material does not provide information on why Port MacKenzie corporations are receiving this tax break.

Tax Exemption for Port MacKenzie Corporations

This act establishes a net corporate income tax exemption for entities operating primarily in Port MacKenzie and sets an effective date.

What This Bill Does

• Establishes a net corporate income tax exemption for corporations that operate mainly in Port MacKenzie.
• Repeals the exemption after July 1, 2035.

Who It Names or Affects

• Corporations operating primarily in Port MacKenzie

Terms To Know

Net Corporate Income Tax

A tax on the profits of corporations after expenses are deducted from income.

Effective Date

The date when a new law starts to be enforced.

Limits and Unknowns

• Does not specify why Port MacKenzie corporations are getting this tax break.

Official Summary Text

TAX EXEMPTION: PORT MACKENZIE CORPS
An Act establishing a net corporate income tax exemption for entities in Port MacKenzie; and providing for an effective date.

Current Bill Text

SB0175A -1- SB 175
New Text Underlined [DELETED TEXT BRACKETED]

34-LS0817\A

SENATE BILL NO. 175

IN THE LEGISLATURE OF THE STATE OF ALASKA

THIRTY-FOURTH LEGISLATURE - FIRST SESSION

BY SENATOR YUNDT

Introduced: 4/15/25
Referred: Labor and Commerce, Finance

A BILL

FOR AN ACT ENTITLED

"An Act establishing a net corporate income tax exemption for e ntities in Port 1
MacKenzie; and providing for an effective date." 2
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
* Section 1. AS 43.20.012 is amended by adding a new subsection to read: 4
(e) A corporation primarily operating in Port MacKenzie is exe mpt from the 5
tax imposed under this chapter. 6
* Sec. 2. AS 43.20.012(e) is repealed. 7
* Sec. 3. Section 1 of this Act takes effect immediately under AS 01.10.070(c). 8
* Sec. 4. Section 2 of this Act takes effect July 1, 2035. 9