This bill amends the fisheries product development tax credit in Alaska, primarily by updating the effective dates and modifying definitions related to eligible fish and tax credit claims. Notably, the term "species" replaces "type" in references to eligible fish, broadening the scope of what qualifies for the tax credit. The bill also extends the deadline for claiming tax credits for property first placed into service from December 31, 2026, to December 31, 2036. Additionally, it mandates that the Department of Revenue must make a preliminary determination on a taxpayer's proposed investment within 60 days of submission, ensuring a more efficient process for businesses seeking tax credits.

Furthermore, the bill clarifies the definition of "eligible fish" to include "any species of fish or shellfish," expanding the range of products that can benefit from the tax credit. It also introduces a new definition for "used predominantly," specifying that it refers to usage of 51 percent or more of the time. The act is retroactive to January 1, 2026, and the provisions will take effect on January 1, 2037. Overall, these changes aim to enhance the fisheries sector by providing clearer guidelines and extended opportunities for tax credits.

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
SB0130C, AM CSSB 130(RES)(Corrected), introduced 03/05/2026: 43.05.230, 43.75.037, 40.25.100, 43.75.130
SB0130D, AM CSSB 130(FIN), introduced 03/25/2026: 43.05.230, 43.75.037, 40.25.100, 43.75.130
SB0130Z, AM Enrolled SB 130, introduced 05/17/2026: 43.05.230, 43.75.037, 40.25.100, 43.75.130