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Alaska Senate passes new corporate tax law expected to generate millions for dividends and services


Alaska Senate Bill 113, sponsored by Sen. Bill Wielechowski, aims to change the state’s corporate income tax structure to generate an additional $65 million in revenue annually by clarifying that online sales to Alaskans constitute business activity within the state. This move is expected to shift money from other states to Alaska without imposing any new taxes on residents or businesses.

The bill, which passed the Senate 16-4, is seen as a necessary step to address the state’s budget deficit and modernize its tax system. Supporters argue that companies conducting online business in Alaska should contribute to the state’s revenue, especially as more transactions move online. However, some Republican senators, including Sen. Shelley Hughes and Minority Leader Mike Shower, expressed concerns about the bill, suggesting that any tax increase could ultimately be passed on to consumers.

If approved by the House and Gov. Mike Dunleavy, SB 113 would mark the state’s first new revenue-generating law in years. Wielechowski described the bill as a ‘unicorn’ in that it increases revenue without directly impacting Alaskans.

The bill has been referred to the House Finance Committee for further consideration. The move to update Alaska’s tax laws is part of a broader effort to address the state’s financial challenges and ensure a stable revenue stream for essential services.

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