Bill > SB130

This bill amends existing Alaska law to extend and modify the fisheries product development tax credit, which incentivizes businesses to invest in processing and packaging eligible fish products. Key changes include expanding the types of fish eligible for the credit to include all species of fish and shellfish, rather than just specific types like salmon and pollock, and allowing the credit to be claimed for property placed into service until December 31, 2036, a ten-year extension from the previous deadline of December 31, 2026. The bill also clarifies that information about the number of recipients and the total amount of tax credits claimed will be made public for each species of eligible fish, and it mandates that the Department of Revenue must make a preliminary determination on whether a proposed investment qualifies for the credit within 60 days of receiving the submission. Additionally, the bill adds a definition for "used predominantly" as being used 51 percent or more of the time and includes ice-making machines and other temperature-reducing technologies as qualified investments. The repeal date for related provisions is extended to January 1, 2037, and the Act is made retroactive to January 1, 2026, with an immediate effective date.