This bill amends existing laws related to the fisheries product development tax credit in Alaska. Key changes include the specification 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 mandates that the department 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, moving away from a limited list that previously included only specific types like salmon and herring. Further amendments clarify the definition of "qualified investment" to include investments that will be used predominantly to increase the quality and value of eligible fish or to perform essential processing functions. The bill introduces a new definition for "used predominantly," indicating that it refers to usage of 51 percent or more of the time. The act 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