An Act establishing an income tax on certain entities producing or transporting oil or gas in the state; approving and ratifying the sale of royalty oil by the State of Alaska to Marathon Petroleum Supply and Trading Company LLC.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a new income tax on certain oil and gas entities operating in Alaska. The tax rate varies based on the entity’s taxable income, with rates ranging from 0% to 9.4% for income over $5 million. Additionally, the bill approves and ratifies the State of Alaska’s sale of royalty oil to Marathon Petroleum Supply and Trading Company LLC, and includes provisions regarding the application of the tax, how income is calculated, and payment schedules. It also addresses retroactive regulations and applies to entities meeting specific criteria.
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1 on record
Primary sponsor
House Rules by Request of the Governor
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