An Act establishing an education tax on the income of individuals, partners, shareholders in S corporations, trusts, and estates; repealing tax credits applied against the tax on individuals under the Alaska Net Income Tax Act; and providing for an effective date.

This bill proposes a new education tax in Alaska, targeting the income of individuals, partners in S corporations, shareholders in S corporations, trusts, and estates. It also repeals existing tax credits applied against individual income tax returns. The bill introduces an annual tax of $150 for individuals with wages or self-employment income in the state, alongside a four percent tax on income over $150,000 for individuals and trusts. It also includes provisions for calculating taxable income and addressing potential double taxation for nonresidents.