This bill amends existing laws related to the fisheries product development tax credit in Alaska. Key changes include the clarification that the number of recipients and total tax credits claimed will be reported for each species of eligible fish, rather than by type. The bill also establishes that the Department of Fish and Game must make a preliminary determination on whether a taxpayer's proposed investment qualifies for the tax credit within 60 days of submission. Additionally, the definition of "eligible fish" is expanded to include any species of fish or shellfish, rather than being limited to specific types like salmon and herring.

Further amendments specify that a "qualified investment" must be predominantly used to enhance the quality and value of eligible fish or to perform significant processing functions. The bill introduces new definitions, such as "used predominantly," which is defined as being used 51 percent or more of the time. The legislation is retroactive to January 1, 2025, and takes effect immediately upon passage.

Statutes affected:
SB0130A, AM SB 130, introduced 03/12/2025: 43.75.037, 43.05.230, 43.75.130
SB0130B, AM CSSB 130(RES), introduced 04/15/2025: 43.05.230, 43.75.037, 40.25.100