Note from Rep. Gara: Closing Gaping Corporate Tax Loophole

Rep. Gara Newsletter Today I submitted legislation to close a gaping loophole in Alaska’s corporate tax. My press release on this bill follows. If we are to close a nearly $4 billion budget gap, the revenue we seek needs to be balanced. It can’t disproportionately hit those who have little when we have tax loopholes that benefit those who have the most.
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NEWS: It’s Time to Close Corporate Tax Loophole in Alaska

Rep. Les Gara Juneau — Alaska has a corporate tax, but over 5,000 corporations are exempt under current Alaska law, despite the fact that many of the corporations are highly profitable. Today, Representative Les Gara (D-Anchorage) filed legislation to close the loophole, which he contends the state can no longer afford due to a nearly $4 billion budget deficit. Rep. Gara believes closing Alaska’s corporate tax loophole should be part of a balanced fiscal plan that is fair for all Alaskans.
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