04/13/2010 09:00 AM Senate FINANCE

CS FOR HOUSE BILL NO. 344(FIN)                                                                                                
                                                                                                                                
     "An Act relating to the salmon product development tax                                                                     
     credit; and 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 by                                                                        
     sec. 4, ch. 8, SLA 2008."                                                                                                  
                                                                                                                                
Co-Chair  Stedman said  it  was the  second  hearing on  the                                                                    
bill.  He  noted one  fiscal  note  from the  Department  of                                                                    
Revenue.                                                                                                                        
                                                                                                                                
PETER ECKLUND,  STAFF, REPRESENTATIVE BILL  THOMAS, SPONSOR,                                                                    
thanked the committee for hearing the bill.                                                                                     
                                                                                                                                
Co-Chair Stedman requested a summary of the bill.                                                                               
                                                                                                                                
Mr.  Ecklund stated  that the  bill proposes  to extend  the                                                                    
existing salmon  product development tax credit  four years,                                                                    
from 2011 to 2015. The tax  credit would give 50 percent tax                                                                    
credit for a qualified  investment for value-added equipment                                                                    
to  add  value to  salmon  products.  Fish processors  could                                                                    
deduct 50  percent of their  fisheries business  tax against                                                                    
the  tax  credit.  There  is  also a  change  that  adds  to                                                                    
existing statute  that ice machines  would also  qualify for                                                                    
the tax credit.                                                                                                                 
                                                                                                                                
Co-Chair  Hoffman MOVED  to  report CSHB  344  (FIN) out  of                                                                    
Committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal  note. There being NO  OBJECTION, it was                                                                    
so ordered.                                                                                                                     
                                                                                                                                
CSHB  344 (FIN)  was REPORTED  out of  Committee with  a "do                                                                    
pass"  recommendation and  with  previously  published FN  2                                                                    
REV.                                                                                                                            
                                                                                                                                
9:42:27 AM