This bill amends the fisheries product development tax credit in Alaska, primarily extending the eligibility period for claiming the tax credit. The amendments include changing the deadline for claiming the credit for property first placed into service from December 31, 2026, to December 31, 2029. Additionally, the bill introduces the inclusion of "raw macroalgae" alongside "raw eligible fish" in the calculations for determining the amount of qualified investment for tax credits. It also updates the definition of "eligible fish" to encompass any species of fish or shellfish, replacing the previous specific exclusions of certain fish types.

Furthermore, the bill establishes a new requirement for the department to make a preliminary determination on whether a taxpayer's proposed investment qualifies for the tax credit within 60 days of submission. It also clarifies the definition of "qualified investment" to include equipment used for harvesting or processing macroalgae and expands the types of equipment eligible for the tax credit. The bill is retroactive to January 1, 2025, and sets the effective date for certain provisions to January 1, 2030.

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