The bill amends the fisheries product development tax credit provisions in Alaska law, specifically updating the effective dates and eligibility criteria for the tax credit. 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, with the eligibility for claiming the credit extended to property first placed into service after December 31, 2029, instead of the previous date of December 31, 2026. Additionally, the definition of "eligible fish" is broadened to include any species of fish or shellfish, replacing the previous specific species list.

The bill also introduces new procedural requirements for the Department of Revenue, mandating that it must make a preliminary determination on a taxpayer's proposed investment within 60 days of submission. Furthermore, the definition of "qualified investment" is refined to clarify that it includes investments aimed at increasing the quality and value of eligible fish, as well as specific equipment used in processing. The bill establishes a retroactive effect to January 1, 2025, and sets the effective date for certain provisions to January 1, 2030.

Statutes affected:
SB0130A, AM SB 130, introduced 03/12/2025: 43.75.037, 43.05.230, 43.75.130