The bill amends the fisheries product development tax credit provisions in Alaska law, primarily extending the eligibility period for claiming tax credits on investments in fisheries. Notably, the maximum tax credit that can be claimed is adjusted to not exceed 50 percent of the taxpayer's tax liability for processing eligible fish during the tax year, and the deadline for claiming credits on property first placed into service is extended from December 31, 2026, to December 31, 2029. Additionally, the definition of "eligible fish" is broadened to include any species of fish or shellfish, replacing the previous specific exclusions of pollock, sablefish, and Pacific cod.

The bill also introduces new requirements for the Department of Revenue to provide a preliminary determination on whether a proposed investment qualifies for the tax credit within 60 days of submission. It further clarifies the criteria for "qualified investment" to include equipment used for harvesting or processing macroalgae, alongside existing provisions for eligible fish. The effective date of the amendments is set for January 1, 2030, with retroactive applicability to January 1, 2025.

Statutes affected:
HB0129A, AM HB 129, introduced 03/10/2025: 43.75.037, 43.05.230, 43.75.130
HB0129B, AM CSHB 129(FSH), introduced 03/28/2025: 43.75.037, 43.05.230, 43.75.130