Governor Dunleavy Proposes Tax Relief for Alaska Agriculture and Timber Businesses

Office of Mike Dunleavy, Governor
April 26, 2024
Category: Business & Politics
Region: United States, US West

Mike Dunleavy

ALASKA — Governor Mike Dunleavy introduced legislation to support Alaska’s agriculture and timber industries. HB 399 / SB 265 reduces the tax burden of businesses in the agriculture and timber industry in Alaska. The bill exempts certain agriculture and timber businesses from state and local income, property, and sales tax for a period of 10 years. …“Alaska has a vested interest in ensuring a robust agricultural and timber economy. Tax relief is a proven and responsible incentive to stimulate growth and will thereby help Alaska become more self-sufficient for food and lumber.” The tax exemption would apply to businesses that produce at least $25,000 a year in agriculture or timber products. The tax exemption would go into effect on January 1, 2025 and would be in place until January 1, 2035.

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