Legislature(2005 - 2006)BUTROVICH 205

04/15/2005 03:30 PM Senate RESOURCES


Download Mp3. <- Right click and save file as

* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ HB 19 PESTICIDE & BROADCAST CHEMICALS TELECONFERENCED
Moved CSHB 19(FIN) Out of Committee
*+ SB 164 SALMON PRODUCT DEVELOPMENT TAX CREDIT TELECONFERENCED
Moved SB 164 Out of Committee
                                                                                                                                
          SB 164-SALMON PRODUCT DEVELOPMENT TAX CREDIT                                                                      
                                                                                                                                
CHAIR   THOMAS  WAGONER   announced   SB  164   to   be  up   for                                                               
consideration.                                                                                                                  
                                                                                                                                
TIM BARRY, staff to Senator Stedman, read the sponsor statement.                                                                
                                                                                                                                
SB 164  extends the deadline  for salmon processors in  Alaska to                                                               
receive  a  salmon  product development  tax  credit.  Under  the                                                               
state's current  law, processors  can claim  the credit  only for                                                               
property first  placed into service  by the end of  this calendar                                                               
year.  This bill  would give  processors three  additional years,                                                               
until December 31, 2008, to claim the credit.                                                                                   
                                                                                                                                
This legislation also clarifies what  types of items are eligible                                                               
for the tax credit to  more effectively achieve the legislature's                                                               
goal  of   encouraging  Alaska  seafood  processors   to  develop                                                               
innovative value-added salmon products.                                                                                         
                                                                                                                                
He  recalled that  the  legislature  passed legislation  allowing                                                               
processors to claim a tax  credit on new equipment they purchased                                                               
to add  value to  salmon-using innovative  processing techniques.                                                               
The bill,  HB 90, that became  this law had been  proposed by the                                                               
Joint Legislative Salmon  Industry Task Force and was  part of an                                                               
effort by  Alaska's elected leaders  and the fishing  industry to                                                               
create incentives for  the industry to take  investment risks and                                                               
produce new salmon  products and it has  worked. This legislation                                                               
was  drafted  in  consultation  with  the  Tax  Division  of  the                                                               
Department of Revenue.                                                                                                          
                                                                                                                                
3:40:45 PM                                                                                                                    
SENATOR BERT  STEDMAN, sponsor  of SB 164,  said the  intent came                                                               
from the  Joint Legislative  Salmon Industry  Task Force  and was                                                               
intended to  move industry away  from the canned market  and into                                                               
other value-added markets.                                                                                                      
                                                                                                                                
3:41:45 PM                                                                                                                    
SENATOR BEN STEVENS joined the committee.                                                                                       
                                                                                                                                
3:42:16 PM                                                                                                                    
SENATOR STEDMAN explained:                                                                                                      
                                                                                                                                
     Again, we're trying to stimulate  the industry for jobs                                                                    
     and  value  creation....  It  takes  a  while  for  the                                                                    
     industry  to  respond  and  the  tax  credit  being  50                                                                    
     percent to  go against their fisheries  tax - sometimes                                                                    
     they  may have  a carry  forward and  the carry-forward                                                                    
     will last up to three years.                                                                                               
                                                                                                                                
3:43:55 PM                                                                                                                    
CHAIR  WAGONER asked  if insulated  fish totes  and ice  machines                                                               
were covered under the exemption.                                                                                               
                                                                                                                                
SENATOR STEDMAN said he thought those were excluded.                                                                            
                                                                                                                                
3:44:40 PM                                                                                                                    
SENATOR RALPH  SEEKINS asked how  much the tax credits  amount to                                                               
each year.                                                                                                                      
                                                                                                                                
SENATOR  STEDMAN replied  that  credits totaled  $1.5 million  in                                                               
each of the three years 2006 through 2008.                                                                                      
                                                                                                                                
3:46:12 PM                                                                                                                    
SENATOR  GUESS  asked  when  the   task  force  first  made  this                                                               
recommendation,  was it  their  intent to  revisit  the issue  in                                                               
three-year extensions or was it just a one-time shot.                                                                           
                                                                                                                                
SENATOR STEDMAN replied that he didn't recall.                                                                                  
                                                                                                                                
3:47:52 PM                                                                                                                    
SENATOR BEN STEVENS  said recalled that the task  force wanted to                                                               
give  the industry  a  period of  time to  make  the decision  to                                                               
invest and  wanted to  give them  an extended  period of  time to                                                               
recoup the  credit. It also did  not want the credit  to be open-                                                               
ended and wanted to reassess it.                                                                                                
                                                                                                                                
3:50:16 PM                                                                                                                    
SENATOR SEEKINS  asked which fisheries  were benefiting  from the                                                               
credit.                                                                                                                         
                                                                                                                                
CHUCK HARLAMERT,  Tax Division, Department of  Revenue, said that                                                               
this credit is limited to salmon processing.                                                                                    
                                                                                                                                
3:51:57 PM                                                                                                                    
SENATOR STEDMAN said he thought  it would be more concentrated in                                                               
places where fish are delivered.                                                                                                
                                                                                                                                
3:52:50 PM                                                                                                                    
CHAIR WAGONER asked if there is a pre-approval process.                                                                         
                                                                                                                                
MR.  HARLAMERT replied  that there  is  no pre-approval  process.                                                               
Processors  file a  claim form  for  this credit  with their  tax                                                               
returns.                                                                                                                        
                                                                                                                                
     Part of the  reason for the additional  language in the                                                                    
     bill is  because of  a lack  of a  pre-approval process                                                                    
     and  a  50  percent  credit rate.  Some  taxpayers  can                                                                    
     easily read the statute  too optimistically - perhaps a                                                                    
     little  too   broadly...  particularly  if   they  have                                                                    
     borrowed heavily  to invest.  Unknowingly, they  may be                                                                    
     accruing 11 percent interest.                                                                                              
                                                                                                                                
He said  the new element discussed  by the Salmon Task  Force was                                                               
the exclusion of  canneries, but the remainder of  this bill adds                                                               
clarifications to  try to prevent  the process of  folks claiming                                                               
and  not paying  their tax  and ending  up with  liabilities they                                                               
weren't aware of.                                                                                                               
                                                                                                                                
CHAIR WAGONER said he would  feel much more comfortable with pre-                                                               
approval for  the credit and asked  if the department had  a list                                                               
of what is approvable.                                                                                                          
                                                                                                                                
MR. HARLAMERT  replied that this  statute doesn't have a  list of                                                               
qualifying equipment, but requires  it to be processing equipment                                                               
as  opposed   to  supporting  equipment  for   transportation  or                                                               
storage. It  also requires that  the predominant product  of that                                                               
equipment  be a  value-added  salmon product.  He  said the  more                                                               
sophisticated taxpayers  have called  the department  to validate                                                               
whether  their plans  fell within  the  credit or  not and,  "Any                                                               
taxpayer is welcome to do that."                                                                                                
                                                                                                                                
3:57:00 PM                                                                                                                    
SENATOR ELTON asked if the  net effect of the immediate effective                                                               
date would be  an immediate limitation to the  kinds of equipment                                                               
that could be used for the tax credit.                                                                                          
                                                                                                                                
MR.  HARLAMERT  replied  no. The  additional  language  basically                                                               
fleshes out  and makes clearer  what is  meant. There is  one new                                                               
condition in the clarifying language  - it prohibits a credit for                                                               
canning equipment.                                                                                                              
                                                                                                                                
3:58:56 PM                                                                                                                    
DUNCAN FIELDS,  Vice President, Kodiak Salmon  Packers, liked the                                                               
tax  credit,  but  thought  it   needs  to  include  onshore  ice                                                               
machines.  He  explained  that   his  is  a  single-plant  salmon                                                               
processor and  it is struggling  to survive through  the downturn                                                               
in the salmon industry. He was  able to take advantage of the tax                                                               
credit and appreciated the legislature's  support of the industry                                                               
that is trying to rapidly  move toward the value-added processes.                                                               
As  a small  processor, he  has to  take smaller  steps than  the                                                               
larger folks in the industry.                                                                                                   
                                                                                                                                
MR. FIELDS  related that last year  he borrowed a fillet  line to                                                               
see how  it would work before  actually investing in one  and the                                                               
first thing he realized is that it  takes a huge amount of ice to                                                               
move the  fillets, because the salmon  has to relax for  24 to 48                                                               
hours before running it through the line.                                                                                       
                                                                                                                                
     You have  a whole series  of totes  and all the  ice. I                                                                    
     would say  it takes probably  twice as much ice  to run                                                                    
     fish  through  the  filleter.  So,  ice  machines,  ice                                                                    
     equipment, it seems would be  an important component to                                                                    
     encouraging the  industry, particularly  the processors                                                                    
     like us  to move  forward towards  value-added. Perhaps                                                                    
     it's included in the language  - again I would defer to                                                                    
     help from the Department of  Revenue, but I would think                                                                    
     something in  that top  line on  page 2  on processing,                                                                    
     packaging, cooling or  product finishing function would                                                                    
     make it  explicit and give  me a little  higher comfort                                                                    
     level.                                                                                                                     
                                                                                                                                
4:01:39 PM                                                                                                                    
He supported the  idea of not supporting old  technology, but was                                                               
concerned about losing opportunities  if new technology like pop-                                                               
tops  and  can-type  containers   were  excluded  as  traditional                                                               
processing equipment.                                                                                                           
                                                                                                                                
STEPHANIE  MADSEN,  Vice  President, Pacific  Seafood  Processors                                                               
Association, said she represents  salmon and whitefish processors                                                               
from around the  state and supported SB 164. She  related how the                                                               
credit  is working  for her  members saying  one member  invested                                                               
about $500,000 this  year, which represents about  two new fillet                                                               
lines and two other members  have fully utilized their 50 percent                                                               
tax credit.                                                                                                                     
                                                                                                                                
     I believe  that's a demonstration  that the  program is                                                                    
     working.  So,  we  would appreciate  the  extension.  I                                                                    
     think  one of  the  reasons that  the  request for  the                                                                    
     extension  is   because  it   was  difficult   for  the                                                                    
     processors  to  get  up  to  speed  and  to  get  those                                                                    
     investments immediately....                                                                                                
                                                                                                                                
4:06:06 PM                                                                                                                    
She   recommended  not   completely  eliminating   canned  salmon                                                               
products  from being  available  for the  tax  credit. While  she                                                               
understands their  not wanting to replace  the current equipment,                                                               
canned salmon  would always  have role in  many of  the fisheries                                                               
and there is  a strong canned salmon market for  sockeye and pink                                                               
salmon.                                                                                                                         
                                                                                                                                
     It depends  on the volume  and when the timing  of that                                                                    
     run  comes.  That will  kind  of  move you  toward  the                                                                    
     importance  of canned.  We  do  support examination  or                                                                    
     possibility of  use for  these tax  credits to  move us                                                                    
     towards value-added canned salmon  and that is the pop-                                                                    
     top.... Exactly what does that  mean? Well, you have to                                                                    
     get a  new seamer, because  it's a different  top. And,                                                                    
     as you know, the canned  salmon and the seaming is very                                                                    
     critical....   There   would   probably  have   to   be                                                                    
     modifications to the tracking  line that sends the tops                                                                    
     down to  the main  machine as  well as  modification to                                                                    
     the  retort  system.  Because  of  the  different  top,                                                                    
     you're going to have to  insure that that retort system                                                                    
     is compatible  with the  new can.  So, that's  the need                                                                    
     for equipment as far as the use for pop-tops....                                                                           
                                                                                                                                
     One other  thought for  consideration is  the exclusion                                                                    
     of used equipment. Certainly  we don't want shenanigans                                                                    
     as  far  as  one  company  selling  used  equipment  to                                                                    
     another,  but  in  the food  business  there  are  many                                                                    
     opportunities  to bring  used  equipment  to the  state                                                                    
     that are  used either  by other  food industries  or by                                                                    
     other  non-salmon producers.  For  example, the  fillet                                                                    
     machines  that are  used in  salmon are  also the  same                                                                    
     Baader  machines   that  are  used  in   the  whitefish                                                                    
     industry. So, there is a  possibility that getting used                                                                    
     equipment will  not only save the  processor money, but                                                                    
     it will save  the state some money from  the tax credit                                                                    
     perspective. If  you pay less for  that equipment, your                                                                    
     tax  credit is  going to  be limited  or less,  but the                                                                    
     benefit is the same.                                                                                                       
                                                                                                                                
4:08:53 PM                                                                                                                    
SENATOR STEDMAN said those two  suggestion were explored with the                                                               
Department of Revenue,  but it was decided that the  intent is to                                                               
help the industry move beyond cans  and used equipment and he did                                                               
not think  they were  stimulating the status  quo by  doing that.                                                               
If a company wants to stay there, that's okay.                                                                                  
                                                                                                                                
MS.  MADSEN  reiterated  and emphasized  that  canned  salmon  is                                                               
becoming  more   consumer-friendly  and  is  used   globally  and                                                               
clarified  that  used equipment  would  be  used for  value-added                                                               
business, not recycling.                                                                                                        
                                                                                                                                
4:12:12 PM                                                                                                                    
CHAIR WAGONER said the issue is  that a business will lease a new                                                               
machine  and bring  it to  Alaska. If  they like  it, they  might                                                               
negotiate a  purchase and  he asked if  that type  of transaction                                                               
would be disallowed under this legislation.                                                                                     
                                                                                                                                
MR. HARLAMERT replied  that technically it would  be considered a                                                               
used product  and would not  be able  to be purchased  under this                                                               
statute. He suggested that the  business could negotiate a lease-                                                               
purchase contract  and then  back out  of it  as opposed  to just                                                               
leasing it first.                                                                                                               
                                                                                                                                
SENATOR SEEKINS  agreed with Ms.  Madsen that used  equipment has                                                               
its place  with value-added businesses  and asked if there  was a                                                               
mechanism  to  transfer  credits  to a  downstream  purchaser  of                                                               
equipment.                                                                                                                      
                                                                                                                                
MR. HARLAMERT replied no.                                                                                                       
                                                                                                                                
SENATOR  SEEKINS said  that would  make it  difficult for  him to                                                               
take   the  risk   and   therefore  he   thought   it  would   be                                                               
counterproductive to their goal saying:                                                                                         
                                                                                                                                
     If there  was a  perfectly useable  system or  piece of                                                                    
     equipment  in the  state that  could  bring some  other                                                                    
     processor toward the goal that  you're trying to get to                                                                    
     that you  would preclude it  from being allowed  in the                                                                    
     program.                                                                                                                   
                                                                                                                                
He said  that a  lease purchase agreement  is just  a conditional                                                               
sales agreement. Very  few of them give someone the  option to be                                                               
able to  determine later on  whether or not  they want to  buy it                                                               
and then  for tax purposes call  it a lease at  the beginning and                                                               
later on turn it in to a straight line depreciation.                                                                            
                                                                                                                                
MR. HARLAMERT  responded that it  was not his place  to elaborate                                                               
on legislative  intent here.  He clarified  that the  federal tax                                                               
credit was at no time allowed for used property. He explained:                                                                  
                                                                                                                                
     It is  a fact with  credits especially when you  get in                                                                    
     the range  of 50 percent  that they are  highly subject                                                                    
     to abuse. And,  normally, if you have  a credit, you're                                                                    
     trying to  stimulate something that  does not  have its                                                                    
     own economic  justification. You're  trying to  tip the                                                                    
     scales  to establish  that economic  justification, but                                                                    
     recognizing   that   in   doing   that   the   economic                                                                    
     justification of doing something  else is always there.                                                                    
     If  the credit  is  written too  loosely  to allow  the                                                                    
     taxpayer to  get the same  credit for something  just a                                                                    
     little off your target,  that's what's going to happen.                                                                    
     And so, it's  generally a good idea to err  on the side                                                                    
     of caution with  credits and be more  narrow than you'd                                                                    
     like to  be if  you want  to be  the most  effective in                                                                    
     achieving   your   goal.    That's   just   a   general                                                                    
     observation.                                                                                                               
                                                                                                                                
SENATOR SEEKINS still thought the  credit was too restrictive and                                                               
he thought it was an impediment to the goal of the bill.                                                                        
                                                                                                                                
4:19:01 PM                                                                                                                    
CHAIR WAGONER gave him an example  of a guy who paid over $80,000                                                               
for a pinball  machine that wound up not working  and another guy                                                               
who bought  a reconditioned  one that  worked three  times better                                                               
than the  one that was brand  new. "That's why I  brought this up                                                               
in the first  place for discussion. These are some  of the things                                                               
you run into in processing equipment.                                                                                           
                                                                                                                                
4:19:41 PM                                                                                                                    
SENATOR  STEDMAN  clarified if  a  person  purchases a  piece  of                                                               
equipment that does  qualify, you don't have to file  for the tax                                                               
credit if you don't want  to. He would entertain discussion about                                                               
pop-tops,  although  he  didn't  want  to  stimulate  the  canned                                                               
market.                                                                                                                         
                                                                                                                                
SENATOR ELTON said  it was something to think about,  but he also                                                               
didn't want to  give tax credits to produce the  same old product                                                               
packaged in  the same old  way. Maybe  the canned issue  could be                                                               
dealt with by using  a term of art saying this  tax credit is not                                                               
available for the same old same old.                                                                                            
                                                                                                                                
4:23:08 PM                                                                                                                    
KRIS NORRIS,  Government Affairs,  Icicle Seafoods,  supported SB
164.  She said  Icicle Seafoods  purchases and  processes a  wide                                                               
variety of seafood throughout Alaska.  She explained that in 2003                                                               
Icicle  used  the  salmon  product   development  tax  credit  to                                                               
purchase equipment to  make new products with  salmon roe (Ikura)                                                               
- that  prevented oxidation and  bacterial growth  from happening                                                               
prolonging shelf  life. In 2004,  it used the  salmon utilization                                                               
tax   credit   to   install   new   equipment   that   was   more                                                               
technologically advanced  in their  salmon meal plant  in Seward.                                                               
As a direct  result of that upgrade, Icicle has  been able to run                                                               
a lot more  pounds of salmon through their facility  and with few                                                               
exceptions can utilize 100 percent  of an entire salmon including                                                               
the guts.                                                                                                                       
                                                                                                                                
Icicle  Seafoods made  saleable products  from salmon  parts that                                                               
normally  would have  been  part of  the waste  stream  - a  huge                                                               
improvement. They have also improved  the quality of the products                                                               
they are producing,  most notably the oil.  New technology allows                                                               
them to  extract a  lot more  of the  water and  grit. It  is now                                                               
being used as a supplement for cattle feed and animal treats.                                                                   
                                                                                                                                
The other  thing it has allowed  them to do  is to be a  lot more                                                               
aggressive in purchasing of salmon.  It's opened up opportunities                                                               
that weren't there before.                                                                                                      
                                                                                                                                
     "So, when we  can be more aggressive, there's  a lot of                                                                    
     beneficiaries -  our fleet,  our employees  are getting                                                                    
     more  work, we're  buying more  fish,  so there's  more                                                                    
     taxes generated. That kicks back  to the City of Seward                                                                    
     and certainly  to the state  of Alaska.... I  feel like                                                                    
     the incentives that were provided  to us from the State                                                                    
     of Alaska  really helped  us with  economic development                                                                    
     that   had  some   spin  offs   beyond  just   our  own                                                                    
     company.... I also  want to say that  the Department of                                                                    
     Revenue  has been  good to  work with....  We certainly                                                                    
     run  our ideas  past  Mr. Harlamert  before we  proceed                                                                    
     with them  to make sure  that it  is a project  that is                                                                    
     going  to  be eligible  for  a  tax credit....  In  our                                                                    
     business  the  margins are  pretty  small  and in  some                                                                    
     years there aren't any....                                                                                                 
                                                                                                                                
MS. NORRIS said Icicle Seafoods  is very interested in having the                                                               
opportunity to have some tax  credits applied for additional meal                                                               
and oil plants.  Its new technology in the Seward  plant has only                                                               
operated one year  and management is convinced it  will have even                                                               
better results this  year because they know a lot  more about the                                                               
equipment and are  considering investing more money  into some of                                                               
their other  locations. She said, "If  it hadn't of been  for the                                                               
tax incentive  provided by the  state, we probably  wouldn't have                                                               
made  that investment...."  and thought  the spin  offs would  be                                                               
very big.                                                                                                                       
                                                                                                                                
4:28:41 PM                                                                                                                    
SENATOR  SEEKINS asked  how  she  felt about  a  tax credit  pre-                                                               
purchase approval system with the Department of Revenue.                                                                        
                                                                                                                                
MS.  NORRIS replied  that has  been her  practice -  to call  the                                                               
Department of  Revenue first  to make sure  their idea  would fly                                                               
with them.  She was told no  about her pop-top idea.  "It kept us                                                               
from doing the project."                                                                                                        
                                                                                                                                
4:29:48 PM                                                                                                                    
SENATOR SEEKINS asked if she had  been able to get approval for a                                                               
pop-top system, would it have  meant incremental business or just                                                               
a transfer in what they do.                                                                                                     
                                                                                                                                
MS.  NORRIS  replied that  she  thought  it  would bring  in  new                                                               
customers.                                                                                                                      
                                                                                                                                
4:30:27 PM                                                                                                                    
REED  STOOPS,  Ocean Beauty  Seafoods,  supported  SB 164.  Ocean                                                               
Beauty is  one of the larger  salmon producers in Alaska  and the                                                               
tax credit program  was the determining factor  in its purchasing                                                               
new equipment for  its Excursion Inlet (in  Southeast) and Alatak                                                               
plants (in Kodiak). It increased  the number of employees in both                                                               
plants, expanded the  number of fish they  purchased and extended                                                               
the season at  both ends. All this enabled them  to find a market                                                               
for lower-value fish products.                                                                                                  
                                                                                                                                
SENATOR  STEDMAN  asked  under what  circumstances  Ocean  Beauty                                                               
purchased their plant at Excursion Inlet.                                                                                       
                                                                                                                                
MR. STOOPS explained  that Ward Cove decided to close  all of its                                                               
seafood plants  in Southeast  and Bristol Bay  and at  that point                                                               
there was a  risk of there being no major  processor in this part                                                               
of Southeast to buy salmon.  The governor and some other business                                                               
people who  were dependent  on that  business looked  for seafood                                                               
processors who could take Ward  Cove's place. Ocean Beauty agreed                                                               
to  buy the  Excursion  Inlet and  Alatak plants.  A  lot of  the                                                               
employees  were  hired back  and  then  Ocean Beauty  focused  on                                                               
updating the  equipment. Last  year, because  of the  tax credit,                                                               
they purchased some  new equipment and now they  want to purchase                                                               
more equipment of the same nature  or expand the number of plants                                                               
that have the value-added capability.                                                                                           
                                                                                                                                
4:33:12 PM                                                                                                                    
He  said, "This  legislation means  the difference  between doing                                                               
more  in Alaska  rather  than  just doing  the  same  thing on  a                                                               
continuing basis."                                                                                                              
                                                                                                                                
4:35:23 PM                                                                                                                    
SENATOR  STEDMAN  put forth  a  conceptual  amendment to  include                                                               
conversion or installation of pop-tops  in language that excludes                                                               
all cans.                                                                                                                       
                                                                                                                                
SENATOR ELTON thanked the sponsor  for that amendment and said he                                                               
is  comfortable with  him offering  it in  the Finance  Committee                                                               
where he has a seat.                                                                                                            
                                                                                                                                
4:37:02 PM                                                                                                                    
SENATOR BEN STEVENS asked Ms.  Norris if Icicle Seafoods is going                                                               
to invest in another plant.                                                                                                     
                                                                                                                                
MS.  NORRIS replied  affirmatively.  While  she understood  there                                                               
were abuses  of that particular  credit, she thought  an argument                                                               
could be made  that including those kinds  of operations directly                                                               
helped Icicle add  value to guts, viscera,  frames, carcasses and                                                               
skins that would normally not have been utilized.                                                                               
                                                                                                                                
SENATOR  BEN   STEVENS  recalled   that  the  evolution   of  the                                                               
utilization actually  came from  trying to  help a  situation the                                                               
Department   of  Environmental   Conservation   (DEC)  had   with                                                               
discharge issues.  He asked  Mr. Stoops  if that  plant installed                                                               
utilization equipment as well.                                                                                                  
                                                                                                                                
REED STOOPS replied  yes that they put in new  equipment for full                                                               
utilization.                                                                                                                    
                                                                                                                                
SENATOR BEN STEVENS asked the  department how much money was used                                                               
to purchase  new utilization-of-waste equipment versus  the other                                                               
portion of the bill that caused them problems.                                                                                  
                                                                                                                                
4:41:06 PM                                                                                                                    
MR. HARLAMERT said  he couldn't disclose the exact  amount of the                                                               
credit, but a majority of  the waste credit went for utilization-                                                               
of-waste property.  But, that was  not true  in 2003 when  it was                                                               
almost nil.  In 2004, more  than half  of all the  credit claimed                                                               
for waste was investment in  property to utilize salmon waste and                                                               
to create products from it.                                                                                                     
                                                                                                                                
4:42:49 PM                                                                                                                    
SENATOR  STEDMAN  moved  to  pass  SB  164  from  committee  with                                                               
individual recommendations and attached  fiscal notes. There were                                                               
no objections and it was so ordered.                                                                                            

Document Name Date/Time Subjects