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Enrolled SB 130
LAWS OF ALASKA
2026
Source Chapter No.
CSSB 130(FIN) _______
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.
_______________
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
THE ACT FOLLOWS ON PAGE 1
-1- Enrolled SB 130
AN ACT
Relating to the fisheries product development tax credit; providing for an effective date by 1
amending the effective date of sec. 2, ch. 31, SLA 2022; and providing for an effective date. 2
_______________ 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(b) is amended to read: 8
(b) The amount of the tax credit applied against taxes under this section may 9
not 10
(1) exceed 50 percent of the taxpayer's tax liability incurred under this 11
chapter for processing of eligible fish during the tax year; or 12
(2) be claimed for property first placed into service after December 31, 13
Enrolled SB 130 -2-
2036 [2026]. 1
* Sec. 3. AS 43.75.037(i) is amended to read: 2
(i) The department shall develop and implement procedures by which a taxpayer 3
that is a fisheries business may submit the taxpayer's proposed investment to the 4
department and request a preliminary determination of whether the investment qualifies 5
for the fisheries product development tax credit under this section. A preliminary 6
determination by the department that the taxpayer's submission qualifies for the credit 7
is binding, unless the department determines that the taxpayer has made a material 8
misrepresentation in the taxpayer's submission. The department shall make a 9
preliminary determination as to whether a taxpayer's proposed investment 10
qualifies for a credit within 60 days after the department receives a taxpayer's 11
proposed investment submitted under this subsection. 12
* Sec. 4. AS 43.75.037(j) is amended to read: 13
(j) To claim a credit under this section, a taxpayer shall agree that the department 14
may make public the number of recipients and the total amount of tax credits claimed 15
for each species [TYPE] of eligible fish. Notwithstanding any contrary provision in 16
AS 40.25.100 or AS 43.05.230, the number of recipients and the total amount of tax 17
credits claimed for each species [TYPE] of eligible fish is public information. 18
* Sec. 5. AS 43.75.037(k)(1) is amended to read: 19
(1) "eligible fish" means, except as otherwise provided in (c) of this 20
section, any species of fish or shellfish [SALMON, HERRING, POLLOCK, 21
SABLEFISH, OR PACIFIC COD]; 22
* Sec. 6. AS 43.75.037(k)(4) is amended to read: 23
(4) "qualified investment" means the investment cost to purchase or 24
convert depreciable tangible personal property with a useful life of three years or more 25
to be used predominantly to perform an ice-making, processing, packaging, or product-26
finishing function that is a significant component in producing a value-added eligible 27
fish product, including canned salmon products in can sizes other than 14.75 ounces or 28
7.5 ounces; in this paragraph, "property" 29
(A) includes 30
(i) equipment used to fillet, skin, portion, mince, form, 31
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extrude, stuff, inject, mix, marinate, preserve, dry, smoke, brine, 1
package, freeze, scale, grind, separate meat from bone, or remove pin 2
bones; 3
(ii) new parts necessary for, or costs associated with, 4
converting a canned salmon line to produce can sizes other than 14.75 5
ounces or 7.5 ounces; 6
(iii) conveyors used specifically in the act of producing a 7
value-added eligible fish product; 8
(iv) ice-making machines and other temperature 9
reducing technologies; 10
(v) new canning equipment for herring products; and 11
(vi) equipment used to transform eligible fish byproduct 12
that is discarded as waste into saleable product; 13
(B) does not include 14
(i) vehicles, forklifts, conveyors not used specifically in 15
the act of producing a value-added eligible fish product, cranes, pumps, 16
or other equipment used to transport eligible fish or eligible fish 17
products, knives, gloves, tools, supplies and materials, equipment, other 18
than ice-making machines, that is not processing, packaging, or product-19
finishing equipment, or other equipment, the use of which is incidental 20
to the production, packaging, or finishing of value-added eligible fish 21
products; 22
(ii) the overhaul, retooling, or modification of new or 23
existing property, except for new parts necessary for, or costs associated 24
with, converting a canned salmon line to produce can sizes other than 25
14.75 ounces or 7.5 ounces; or 26
(iii) property used predominantly to produce an eligible 27
fish product that is not taxed under this chapter; 28
* Sec. 7. AS 43.75.037(k) is amended by adding a new paragraph to read: 29
(8) "used predominantly" means used 51 percent or more of the time. 30
* Sec. 8. Section 6, ch. 31, SLA 2022, is amended to read: 31
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Sec. 6. AS 43.05.230(m); AS 43.75.037, and 43.75.130(h) are repealed 1
January 1, 2037 [2027]. 2
* Sec. 9. The uncodified law of the State of Alaska is amended by adding a new 3
section to read: 4
RETROACTIVITY. This Act is retroactive to January 1, 2026. 5
* Sec. 10. Section 8, ch. 31, SLA 2022, is amended to read: 6
Sec. 8. Section 2 of this Act takes effect January 1, 2037 [2027]. 7
* Sec. 11. This Act takes effect immediately under AS 01.10.070(c). 8