A data center seeking the economic-development property-tax exemption must satisfy eligibility criteria, including being new to borough taxation or creating or reopening a qualifying business operation, and the property generally cannot have been used in the same trade or business in another municipality during the preceding six months.

The exemption is discretionary and is limited to no more than 50% of the property's assessed value for up to five consecutive years, leaving the remaining property taxes payable.

An exemption application must be filed with the borough assessor by January 31 of the assessment year for which the exemption is sought.

The exemption requires approval by borough assembly resolution after a public hearing; the assembly's decision is final, and an applicant may not apply for separate phases of the same proposal.

An approved exemption requires annual certification by January 31, and the owner's books and records remain subject to assessor inspection for three years after each certification.

If the property becomes wholly or partially ineligible, the tax relief terminates to the extent of the deficiency; the assembly may also terminate or modify the exemption for documentation deficiencies.

The exemption cannot be combined with or added to another exemption required or allowed by law, and it does not apply to taxes levied for special services in a supervised service area.

An applicant delinquent in registering, filing, or paying borough or city property or sales taxes, or borough special assessments, may not receive the exemption.

A transfer of an approved exemption with a change or prospective change in ownership requires additional borough assembly approval by resolution.

Provides a discretionary partial exemption from borough property taxes for qualifying economic-development property, up to 50% of the property's assessed value for up to five consecutive years. The property must generally be new to borough taxation or used for a qualifying new, reopened, or relocated business that creates borough employment, generates outside sales, reduces imports, or makes a significant infrastructure investment that expands the tax base and will produce property-tax revenue after the exemption ends.

Allows a qualifying independent power producer to receive the economic-development exemption for up to 15 consecutive years instead of the usual five-year maximum. The applicant must own and operate a generation facility larger than two megawatts and sell electricity to a public utility regulated by the Regulatory Commission of Alaska.

Extends the application deadline for the exemption from January 15 to January 31 of the assessment year.

Allows an approved exemption to transfer with a change in ownership or a prospective change in ownership, subject to approval by the borough assembly through a resolution.

Permits exemption eligibility for property that has not been used in the same trade or business in another municipality for at least six months before the application, subject to stated exceptions for annexed areas and inventories.