SB0130B -1- CSSB 130(RES)
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CS FOR SENATE BILL NO. 130(RES)
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-FOURTH LEGISLATURE - FIRST SESSION
BY THE SENATE RESOURCES COMMITTEE
Offered: 4/15/25
Referred: Finance
Sponsor(s): SENATE RULES COMMITTEE BY REQUEST OF THE JOINT LEG ISLATIVE TASK FORCE
EVALUATING ALASKA'S SEAFOOD INDUSTRY
A BILL
FOR AN ACT ENTITLED
"An Act relating to the fisheries product development tax credit; and providing for an 1
effective date." 2
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
* Section 1. AS 43.05.230(m) is amended to read: 4
(m) The number of recipients and the total amount of tax credits claimed for 5
each species [TYPE] of eligible fish under AS 43.75.037 is public information. In this
6
subsection, "eligible fish" has the meaning given in AS 43.75.037(k). 7
* Sec. 2. AS 43.75.037(i) is amended to read: 8
(i) The department shall develop and implement procedures by which a 9
taxpayer that is a fisheries business may submit the taxpayer's proposed investment to 10
the department and request a preliminary determination of whether the investment 11
qualifies for the fisheries product development tax credit under this section. A 12
preliminary determination by the department that the taxpayer's submission qualifies 13
for the credit is binding, unless the department determines that the taxpayer has made 14 34-LS0735\N
CSSB 130(RES) -2- SB0130B
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a material misrepresentation in the taxpayer's submission. The department shall 1
make a preliminary determination as to whether a taxpayer's proposed 2
investment qualifies for a credit within 60 days after the department receives a 3
taxpayer's proposed investment submitted under this subsection. 4
* Sec. 3. AS 43.75.037(j) is amended to read: 5
(j) To claim a credit under this section, a taxpayer shall agree that the 6
department may make public the number of recipients and the total amount of tax 7
credits claimed for each species [TYPE] of eligible fish. Notwithstanding any contrary 8
provision in AS 40.25.100 or AS 43.05.230, the number of recipients and the total 9
amount of tax credits claimed for each species [TYPE] of eligible fish is public 10
information. 11
* Sec. 4. AS 43.75.037(k)(1) is amended to read: 12
(1) "eligible fish" means, except as otherwise provided in (c) of this 13
section, any species of fish or shellfish [SALMON, HERRING, POLLOCK, 14
SABLEFISH, OR PACIFIC COD]; 15
* Sec. 5. AS 43.75.037(k)(4) is amended to read: 16
(4) "qualified investment" means the investment cost to purchase or 17
convert depreciable tangible personal property with a useful life of three years or more 18
that will [TO] be used predominantly to increase the quality and value of eligible 19
fish or used predominantly to perform an ice-making, processing, packaging, or 20
product-finishing function that is a significant component in producing a value-added 21
eligible fish product, including canned salmon products in can sizes other than 14.75 22
ounces or 7.5 ounces; in this paragraph, "property" 23
(A) includes 24
(i) equipment used to fillet, skin, portion, mince, form, 25
extrude, stuff, inject, mix, marinate, preserve, dry, smoke, brine, 26
package, freeze, scale, grind, separate meat from bone, or remove pin 27
bones; 28
(ii) new parts necessary for, or costs associated with, 29
converting a canned salmon line to produce can sizes other than 14.75 30
ounces or 7.5 ounces; 31 34-LS0735\N
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(iii) conveyors used specifically in the act of producing 1
a value-added eligible fish product; 2
(iv) ice-making machines, freezers, and other 3
temperature reducing technologies; 4
(v) new canning equipment for herring products; and 5
(vi) equipment used to transform eligible fish byproduct 6
that is discarded as waste into saleable product; 7
(B) does not include 8
(i) vehicles, forklifts, conveyors not used specifically in 9
increasing the quality and value of eligible fish or the act of 10
producing a value-added eligible fish product, cranes, pumps, or other 11
equipment used to transport eligible fish or eligible fish products, 12
knives, gloves, tools, supplies and materials, equipment, other than ice-13
making machines, that is not processing, packaging, or product-14
finishing equipment, or other equipment, the use of which is incidental 15
to increasing the quality and value of eligible fish or the production, 16
packaging, or finishing of value-added eligible fish products; 17
(ii) the overhaul, retooling, or modification of new or 18
existing property, except for new parts necessary for, or costs 19
associated with, converting a canned salmon line to produce can sizes 20
other than 14.75 ounces or 7.5 ounces; or 21
(iii) property used predominantly to produce an eligible 22
fish product that is not taxed under this chapter; 23
* Sec. 6. AS 43.75.037(k) is amended by adding a new paragraph to read: 24
(8) "used predominantly" means used 51 percent or more of the time. 25
* Sec. 7. The uncodified law of the State of Alaska is amended by adding a new 26
section to read: 27
RETROACTIVITY. This Act is retroactive to January 1, 2025. 28
* Sec. 8. This Act takes effect immediately under AS 01.10.070(c). 29