This bill amends the fisheries product development tax credit provisions in Alaska law, specifically updating definitions and procedures related to eligible fish and the investment process for fisheries businesses. Notably, the term "species" replaces the previous term "type" in several sections, clarifying the classification of eligible fish. The bill mandates that the Department of Revenue must make a preliminary determination on whether a taxpayer's proposed investment qualifies for the tax credit within 60 days of submission. Additionally, it expands the definition of "eligible fish" to include any species of fish or shellfish, rather than limiting it to specific types like salmon and herring.

Further amendments include a more detailed definition of "qualified investment," emphasizing the need for investments to enhance the quality and value of eligible fish products. The bill also introduces the term "used predominantly," defining it as usage of 51 percent or more of the time. Importantly, the act is retroactive to January 1, 2025, and takes effect immediately upon passage. These changes aim to streamline the tax credit process and encourage investment in the fisheries sector in Alaska.

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