Governor Dunleavy Signs SB 179: Paving the Way for Economic Growth and Municipal Development in Alaska
Anchorage, Alaska - August 13, 2024 — In a landmark move for Alaska's economic future, Governor Mike Dunleavy has signed Senate Bill 179 into law, a pivotal piece of legislation designed to stimulate economic development and streamline municipal taxation across the state. The new law passed with broad bipartisan support, is poised to drive growth by eliminating burdensome taxes on real property transfers, thus creating a more equitable and financially favorable environment for property owners and developers.
A key highlight of SB 179 is its potential to accelerate development projects by expanding the tax base without imposing additional financial burdens on the state or negatively affecting education funding. The bill integrates essential provisions from the previously proposed SB 77, which will allow a municipality to offer 100% tax abatements for housing, economic development, and community development projects—an initiative particularly vital to the economic revitalization of cities like Anchorage.
Mike Robbins, Executive Director of the Anchorage Community Development Authority (ACDA), praised the new law as a significant victory for municipalities. "This legislation is a game-changer for Anchorage and other municipalities. By integrating the critical elements of SB 77, we can now move forward with new initiatives that will drive growth, enhance property values, and expand our economic base, all while ensuring that education and state finances remain unaffected," Robbins stated.
SB 179 also brings much-needed consistency and fairness to property assessments across Alaska, establishing new standards for certifying property assessors. Additionally, the bill clarifies tax regulations for mobile telecommunications services, providing municipalities with clearer guidelines that will simplify tax administration at the local level.
Governor Dunleavy emphasized that SB 179 is part of his broader agenda to foster a more business-friendly climate in Alaska. By modernizing tax regulations, removing outdated barriers to property transactions, and allowing for new and needed incentives the legislation is expected to catalyze significant economic growth, benefiting communities statewide.
About ACDA
Founded in 1984, ACDA is a self-funded public corporate authority for the Municipality of Anchorage that facilitates community and economic development opportunities for a vibrant community that builds our city’s future.
