This bill amends the fisheries product development tax credit provisions in Alaska law, specifically updating definitions and procedures related to tax credits for fisheries businesses. Key changes include the clarification that the number of recipients and total tax credits claimed will be reported by species of eligible fish, rather than by type. The bill also mandates that the Department of Fish and Game must make a preliminary determination on whether a 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, moving away from a limited list that previously included only specific types like salmon and herring.

Further amendments refine the definition of "qualified investment" to emphasize investments that enhance the quality and value of eligible fish products, and introduce new terms such as "used predominantly," which is defined as being used 51 percent or more of the time. The bill also includes a retroactive provision, making it effective from January 1, 2025, and allows for immediate implementation upon passage. Overall, these changes aim to streamline the process for fisheries businesses to access tax credits while ensuring transparency in reporting.

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