HB 376: "An Act relating to a tax on the permanent fund dividend."
00 HOUSE BILL NO. 376 01 "An Act relating to a tax on the permanent fund dividend." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 43 is amended by adding a new chapter to read: 04 Chapter 22. Tax on Permanent Fund Dividend. 05 Sec. 43.22.010. Tax on dividend. (a) An individual who receives a 06 permanent fund dividend under AS 43.23 shall pay a tax of 35 percent on the amount 07 of the dividend as calculated under AS 43.23.025(a). 08 (b) The amount of the tax shall be calculated before a garnishment, levy, 09 assignment, or other claim, reduction, or donation allowed by law. 10 (c) The tax under this section shall be withheld by the department and is due 11 on the date the dividend becomes payable to an individual under AS 43.23. 12 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 APPLICABILITY. The tax under AS 43.22.010, enacted by sec. 1 of this Act, applies 15 to a permanent fund dividend received on or after the effective date of this Act.
01 * Sec. 3. AS 43.22.010 is repealed January 1, 2021.