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Below is a snapshot of key features of Alaska's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $15.9 billion
- General Revenue as a Share of Income: 54.6%
- Tax Revenue: $9.7 billion
- Tax Revenue as Share of income: 33.4%
- Personal Income Tax (Share of Tax Revenue): 0% (51 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 10.1% (2 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 5.8% (51 out of 51)
- Property Tax (Share of Tax Revenue): 11% (51 out of 51)
- Other Taxes (Share of Tax Revenue): 72.4% (1 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: N/A
- Standard Deduction: N/A
- Personal Exemption: N/A
- Dependent Exemption: N/A
- Earned Income Tax Credit (EITC): None
- No broad based personal income tax
Corporate Income Tax Features (2011)
- Range of Tax Rates: 1.00% - 9.40%
- Income Level at Which Top Rate Applies: $90,000
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 33%
- Apportionment Factor (Property): 33%
- Apportionment Factor (Sales): 33%
Sales Tax Features (2011)
- State Sales Tax Rate: N/A
- Average Local Sales Tax Rate: 1.40%
- Average Combined State & Local Sales Tax Rate: 1.40%
- State Sales Tax Treatment of Groceries: N/A
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 1 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- State taxes consumption of hotels, motels, and lodging
Property Tax Features (2011)
- Provides a local option homestead exemption.
- Provides large homestead exemption for the elderly and disabled.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.08
- Diesel Tax Rate (per gallon): $0.08
- Cigarette Tax Rate (per pack): $2.00
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: N/A
Tax Policy Oversight
- Tax Expenditure Report: One-time release only
- Tax Incidence Analysis Capability: None
Last Updated August 25, 2011
Sources & Glossary |