Bill > SB130

This bill modifies Alaska's Fisheries Product Development Tax Credit by expanding and clarifying several provisions related to tax credits for fisheries businesses. The bill broadens the definition of "eligible fish" from a specific list of fish species to include any species of fish or shellfish, and provides more detailed guidelines about what constitutes a "qualified investment" for tax credit purposes. The legislation requires the state department to make a preliminary determination about a taxpayer's proposed investment within 60 days and stipulates that information about the number of recipients and total tax credits claimed for each fish species will be considered public information. The bill also adds a new definition of "used predominantly" to mean used 51 percent or more of the time, and expands the types of equipment and technologies that can qualify for the tax credit, such as including freezers and other temperature-reducing technologies. Notably, the bill is retroactively applied to January 1, 2025, and takes effect immediately, potentially providing more flexibility and opportunities for fisheries businesses to claim tax credits for investments in processing and value-added fish products.

Agriculture and Natural Resources, Budget and Finance

Rules (S)

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB130