Alaska 32nd Legislature (2021-2022) Status: In Committee 2 D cosponsors

SB 3002 — An Act establishing an income tax on certain entities in the state; relating to the motor fuel tax; relating to nontransferable tax credits against the oil and gas production tax; and providing for an effective date.

Last action — (S) -- MEETING CANCELED --

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 32nd Legislature (2021-2022). It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a new income tax for certain entities and modifies existing taxes on motor fuel and oil production tax credits in Alaska.

  • AS 43.20

    Sec. 43.20.019. Tax on income attributable to an entity. (a) If an entity has taxable income over $4,000,000 in a tax year, the entity shall pay a tax of 9.4 percent on the qualified taxable income over $4,000,000. (b) The tax under this section does not apply to a corporation paying tax under AS 43.20.011. (c) The department may aggregate the qualified taxable income of two or more entities for the purpose of determining the tax due under this section if the department determines that, without the provisions of this section, the qualified taxable income would reasonably be expected to be attributed to a single entity. (d) In this section, "entity" means a sole proprietorship, partnership, or entity that has elected to file federal returns under 26 U.S.C. 1361 - 1379 (Internal Revenue Code).

    Introduces a new income tax for entities earning over $4 million.

  • AS 43.40.005(a)

    $.0095 → $.015

    Increases the surcharge on refined fuel from $0.0095 to $0.015 per gallon.

  • AS 43.40.010(a)

    EIGHT → 16

    Increases the tax on motor fuel sold in the state from 8 cents to 16 cents per gallon.

  • AS 43.40.010(b)

    EIGHT → 16

    Increases the tax on motor fuel consumed from 8 cents to 16 cents per gallon.

  • AS 43.40.030(a)

    SIX → 12

    Increases the refund for motor fuel used in internal combustion engines from 6 cents to 12 cents per gallon.

  • AS 43.55.024(j)

    ["$8 FOR EACH BARREL OF TAXABLE OIL IF THE AVERAGE GROSS VALUE AT THE POINT OF PRODUCTION FOR THE MONTH IS LESS THAN $80 A BARREL;", "$7 FOR EACH BARREL OF TAXABLE OIL IF THE AVERAGE GROSS VALUE AT THE POINT OF PRODUCTION FOR THE MONTH IS GREATER THAN OR EQUAL TO $80 A BARREL, BUT LESS THAN $90 A BARREL;", "$6 FOR EACH BARREL OF TAXABLE OIL IF THE AVERAGE GROSS VALUE AT THE POINT OF PRODUCTION FOR THE MONTH IS GREATER THAN OR EQUAL TO $90 A BARREL, BUT LESS THAN $100 A BARREL;"] → ["$5 for each barrel of taxable oil if the average gross value at the point of production for the month is less than $110 a barrel;", "$4 for each barrel of taxable oil if the average gross value at the point of production for the month is greater than or equal to $110 a barrel, but less than $120 a barrel;", "$3 for each barrel of taxable oil if the average gross value at the point of production for the month is greater than or equal to $120 a barrel, but less than $130 a barrel;", "$2 for each barrel of taxable oil if the average gross value at the point of production for the month is greater than or equal to $130 a barrel, but less than $140 a barrel;", "$1 for each barrel of taxable oil if the average gross value at the point of production for the month is greater than or equal to $140 a barrel, but less than $150 a barrel;", "zero if the average gross value at the point of production for the month is greater than or equal to $150 a barrel."]

    Reduces the amount of tax credits available for oil production based on new value thresholds.

  • Section 1 of this Act applies to an entity with qualified taxable income over $4,000,000 for a tax year beginning on or after January 1, 2022.

    Specifies the applicability date for the new income tax.

  • The Department of Revenue may adopt regulations necessary to implement the changes made by this Act.

    Authorizes the Department of Revenue to create regulations for implementing the new tax provisions.

  • This Act takes effect January 1, 2022.

    Sets the effective date for the provisions of the Act.

Action History

  1. (S) -- MEETING CANCELED --

  2. (S) RESOURCES at 01:30 PM BUTROVICH 205

  3. (S) -- MEETING CANCELED --

  4. (S) RESOURCES at 01:30 PM BUTROVICH 205

  5. (S) Minutes (SRES)

  6. (S) Heard & Held

  7. (S) RESOURCES at 03:30 PM BUTROVICH 205

  8. (S) REFERRED TO RESOURCES

  9. (S) RES REFERRAL ADDED BEFORE FIN

  10. (S) FIN

  11. (S) READ THE FIRST TIME - REFERRALS

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 62 not signed on

Sponsors (1)

  • BEGICH

Co-sponsors (2)

Not signed on (62)

62 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
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Frequently asked questions

Who sponsors SB 3002?
SB 3002 is sponsored by BEGICH, Elvi Gray-Jackson (D), and Donald Olson (D).
What is the current status of SB 3002?
This bill died with 32nd Legislature (2021-2022). It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 3002?
Track SB 3002 free on One Click Politics — get push/email alerts when it moves.

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