Section 43.20.021. Internal Revenue Code adopted by reference.

   (a) Sections 26 U.S.C. 1 - 1399 and 6001 - 7872 (Internal Revenue Code), as amended, are adopted by reference as a part of this chapter. These portions of the Internal Revenue Code have full force and effect under this chapter unless excepted to or modified by other provisions of this chapter.
   (b) For purposes of calculating the federal tax payable on personal holding companies provided for in the provisions of 26 U.S.C. 541 (Internal Revenue Code), the rate is 12.6 percent.
   (c) For purposes of calculating the alternative tax on capital gains provided for in the provisions of 26 U.S.C. 1201 (Internal Revenue Code), the rate is 4.5 percent for corporations.
   (d) Where a credit allowed under the Internal Revenue Code is also allowed in computing Alaska income tax, it is limited to 18 percent for corporations of the amount of credit determined for federal income tax purposes which is attributable to Alaska.  This limitation does not apply to a special industrial incentive tax credit under AS 43.20.042.
   (e)   [Repealed, Sec. 10 ch 1 SSSLA 1980].
   (f) For the purpose of calculating the alternative minimum tax on tax preferences provided for in 26 U.S.C. 55 - 59 (Internal Revenue Code), the tax is 18 percent for corporations of the applicable alternative minimum federal tax.
   (g) For purposes of calculating the accumulated earnings tax as provided in 26 U.S.C. 531 (Internal Revenue Code), the rate is 4.95 percent of the first $100,000 of accumulated taxable income and 6.93 percent of accumulated taxable income in excess of $100,000.
   (h) Nothing in this chapter or in AS 43.19 (Multistate Tax Compact) may be construed as an exception to or modification of 26 U.S.C. 883.
   (i) The provision in (h) of this section does not apply to commercial passenger vessels as defined in AS 43.52.295.
   (j) For purposes of calculating interest under the look-back method in 26 U.S.C. 460 (Internal Revenue Code), the rate of interest shall be as provided in that section.

Authorities

43.05.095;43.05.275

Notes

Implemented As

15 AAC 20.110
15 AAC 20.130
15 AAC 20.135
15 AAC 20.140
15 AAC 20.145
15 AAC 20.355
15 AAC 20.620
15 AAC 21.060

References

15 AAC 20.130
15 AAC 20.140
15 AAC 20.145
15 AAC 20.530
15 AAC 20.540
15 AAC 21.060
AS 43.05.095 Indirect expenditure report.
AS 43.05.275 Credit and refund claims.

History

(Sec. 2 ch 70 SLA 1975; am Sec. 1, 2 ch 125 SLA 1976; am Sec. 12, 13 ch 113 SLA 1980; am Sec. 3 - 5, 10 ch 1 SSSLA 1980; am Sec. 3 - 5, 9 ch 2 SSSLA 1980; am Sec. 1 ch 48 SLA 1984; am Sec. 2 ch 60 SLA 1984; am Sec. 1, 2 ch 68 SLA 1987; am Sec. 1 ch 35 SLA 1998; am Sec. 3, 2006 Primary Election Ballot Measure No. 2; am Sec. 3 ch 55 SLA 2013)