(a) The tax imposed by this chapter does not

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Terms Used In Alaska Statutes 43.20.012

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiduciary: A trustee, executor, or administrator.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) apply to an individual;
(2) apply to a fiduciary;
(3) for a tax year beginning after December 31, 2012, apply to an Alaska corporation that is a qualified small business and that meets the active business requirement in 26 U.S.C. § 1202 (e) as that subsection read on January 1, 2012;
(4) for a tax year beginning after June 30, 2007, apply to the income received by a regional association qualified under Alaska Stat. § 16.10.380 or nonprofit corporation holding a hatchery permit under Alaska Stat. § 16.10.400 from the sale of salmon or salmon eggs under Alaska Stat. § 16.10.450 or from a cost recovery fishery under Alaska Stat. § 16.10.455; or
(5) apply to income received by a nonprofit corporation holding a permit under Alaska Stat. § 16.12.010 from the sale of shellfish under Alaska Stat. § 16.12.080 or from a cost recovery fishery under Alaska Stat. § 16.12.090.
(b) An individual may file a return under this chapter in order to receive a tax credit under AS 43.20.013.
(c) For the purposes of (a)(3) of this section,

(1) whether a corporation qualifies under (a)(3) of this section shall be determined on the first day of the tax year for which the corporation claims it qualifies under (a)(3) of this section;
(2) all corporations that are members of the same parent-subsidiary controlled group shall be treated as one corporation.
(d) In this section,

(1) “Alaska corporation” means a corporation that has been incorporated in the state or is authorized to do business in the state;
(2) “parent-subsidiary controlled group” has the meaning given in 26 U.S.C. § 1202 as that section read on January 1, 2012;
(3) “qualified small business” has the meaning given in 26 U.S.C. § 1202 as that section read on January 1, 2012, and does not include a construction, transportation, utility, or fisheries business.
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