This bill amends the fisheries product development tax credit in Alaska, primarily extending the eligibility period for claiming the credit. The amendments include changing the deadline for claiming the tax credit for property first placed into service from December 31, 2026, to December 31, 2029. Additionally, the definition of "eligible fish" is expanded to include "any species of fish or shellfish," replacing the previous specific exclusions of certain fish types. The bill also introduces "raw macroalgae" into the calculations for determining qualified investments related to fish processing on vessels.

Further changes include the establishment of a 60-day timeframe for the Department of Revenue to make preliminary determinations on proposed investments for tax credits, and the introduction of new definitions and criteria for what constitutes "qualified investment" and "used predominantly." The bill also sets a new effective date of January 1, 2030, for certain provisions and retroactively applies to January 1, 2025. Overall, these amendments aim to enhance the fisheries industry in Alaska by broadening the scope of eligible investments and extending the timeline for tax credit claims.

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