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Alaska2026Passed Legislature

HB129

Fisheries Product Development Tax Credit Changes

Last scannedSep 23, 2026, 12:32 AM

In one sentence

This bill extends the deadline for claiming a tax credit on new fishing equipment and changes which fish species qualify for the benefit.

What it does

  • Extends the date by which property must be placed in service to claim the tax credit from December 31, 2026, to December 31, 2029.
  • Changes the definition of eligible fish so that pollock, sablefish, and Pacific cod are no longer included for vessels processing raw materials.
  • Updates rules requiring taxpayers to pay back part or all of their tax credit if they sell equipment or move it out of state within four years.
  • Allows fisheries businesses to ask the department for a preliminary decision on whether an investment qualifies before spending money.
  • Sets the expiration date for this specific law and related sections to January 1, 2030.

Who it affects

  • Fisheries businesses in Alaska that invest in equipment to process fish or macroalgae.
  • Taxpayers who claim credits on property installed on vessels processing raw materials.
  • The state department responsible for reviewing tax credit applications and determining eligibility.

Limits and unknowns

  • The bill does not state how much money is available in total or if there are limits on the number of credits allowed.
  • It is unclear from this text whether other parts of the tax code outside these specific sections will change.

Plain language

Terms to know

Qualified investment
Money spent to buy or convert equipment used mostly to harvest, process, or add value to fish products or macroalgae.
Recapture percentage
The portion of a tax credit that must be paid back if the taxpayer sells the equipment or moves it out of state before four years have passed.
Used predominantly
Using an item for its intended purpose at least 51 percent of the time.

Official record

Sources

Source checked
Official bill pageIntroduced textCurrent bill text
Read the official summary

FISHERIES PROD DEVELOPMENT TAX CREDIT An Act relating to the fisheries product development tax credit; providing for an effective date by amending the effective date of sec. 2, ch. 31, SLA 2022; and providing for an effective date.

Official activity

Bill history

  1. (H) REFERRED TO FINANCE561
  2. (H) FN1: INDETERMINATE(REV)561
  3. (H) DP: MCCABE, ELAM, HIMSCHOOT, EDGMON, STUTES561
  4. (H) FSH RPT CS(FSH) 5DP561
  5. (H) Minutes (HFSH)Min
  6. (H) Moved CSHB 129(FSH) Out of CommitteeText
  7. (H) FISHERIES at 10:00 AM GRUENBERG 120Text
  8. (H) Minutes (HFSH)Min
  9. (H) Heard & HeldText
  10. (H) FISHERIES at 10:00 AM GRUENBERG 120Text
  11. (H) Minutes (HFSH)Min
  12. (H) Heard & HeldText
  13. (H) FISHERIES at 10:00 AM GRUENBERG 120Text
  14. (H) FSH, FIN323
  15. (H) READ THE FIRST TIME - REFERRALS323