HB 321: "An Act relating to the salmon product development tax credit; providing for an effective date by amending an effective date in sec. 7, ch. 57, SLA 2003, as amended by sec. 4, ch. 3, SLA 2006; and providing for an effective date."
00 HOUSE BILL NO. 321 01 "An Act relating to the salmon product development tax credit; providing for an 02 effective date by amending an effective date in sec. 7, ch. 57, SLA 2003, as amended by 03 sec. 4, ch. 3, SLA 2006; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 43.75.035(b) is amended to read: 06 (b) The amount of the tax credit applied against taxes under this section may 07 not 08 (1) exceed 50 percent of the taxpayer's tax liability incurred under this 09 chapter for processing of salmon during the tax year; or 10 (2) be claimed for property first placed into service after December 31, 11 2011 [2008]. 12 * Sec. 2. AS 43.75.035 is amended by adding a new subsection to read: 13 (j) The department shall develop and implement procedures by which a 14 taxpayer that is a fisheries business may submit the taxpayer's proposed investment to
01 the department and request a preliminary determination of whether the investment 02 qualifies for the salmon product development tax credit under this section. A 03 preliminary determination by the department that the taxpayer's submission qualifies 04 for the credit is binding, unless the department determines that the taxpayer has made 05 a material misrepresentation in the taxpayer's submission. 06 * Sec. 3. Section 7, ch. 57, SLA 2003, as amended by sec. 4, ch. 3, SLA 2006, is amended 07 to read: 08 Sec. 7. Section 3 of this Act takes effect on the earlier of the following: 09 (1) January 1, 2015 [2012]; or 10 (2) the date of the attorney general's notification to the lieutenant 11 governor and to the revisor of statutes that 12 (A) a court has entered final judgment that AS 43.75.035 or 13 43.75.036, added by sec. 1, ch. 57, SLA 2003 [OF THIS ACT], violates the 14 commerce clause contained in art. I, sec. 8, United States Constitution; and 15 (B) the time for an appeal of that judgment has expired, or, if 16 an appeal was taken, a final order on the appeal has been entered that 17 AS 43.75.035 or 43.75.036, added by sec. 1, ch. 57, SLA 2003 [OF THIS 18 ACT], violates the commerce clause contained in the United States 19 Constitution. 20 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).