SB 33-SEAFOOD PRODUCT DEVELOPMENT TAX CREDIT  3:55:59 PM CHAIR REVAK announced the consideration of SENATE BILL NO. 33 "An Act relating to a seafood product development tax credit; providing for an effective date by repealing secs. 32 and 35, ch. 61, SLA 2014; and providing for an effective date." He noted this was the second hearing and the intention was to adopt a committee substitute (CS), take public testimony, and gauge the will of the committee. He asked Senator Stevens if he had additional remarks. 3:56:30 PM At ease 3:57:20 PM CHAIR REVAK reconvened the meeting. 3:57:28 PM SENATOR GARY STEVENS, speaking as sponsor of SB 33, explained that the bill is about adding value to Pollock and cod, which is already being done with salmon. The additional revenue helps with reimbursements for the investments in hardware, machinery, and infrastructure for processing these fisheries. He highlighted the benefit of using all parts of the fish. He said the tax credit currently only applies to salmon and herring and SB 33 expands the program to the Pollack and cod fisheries. 3:58:03 PM CHAIR REVAK solicited a motion to adopt the committee substitute. 3:58:11 PM SENATOR MICCICHE moved to adopt the CS for SB 33, work order 32- LS0308\B, as the working document. 3:58:22 PM CHAIR REVAK objected for discussion purposes. He asked Mr. Lamkin to explain the changes. 3:58:34 PM TIM LAMKIN, Staff, Senator Gary Stevens, Alaska State Legislature, Juneau, Alaska, stated that the only difference is that version B has a January 1, 2021 retroactivity clause, so any investments made last year can be applied for credit. 3:59:07 PM SENATOR MICCICHE noted that the fiscal note estimates the revenue in 2023 would be $2.9 million and it grows from there. He asked if the CS adds approximately $3 million to the fiscal note as well. 3:59:27 PM MR. LAMKIN answered it may; it is an estimate of the credits that would be applied [against the Fisheries Business Tax for qualified investments]. CHAIR REVAK asked Ms. Reynolds to respond to the question. 4:00:01 PM NICOLE REYNOLDS, Deputy Director, Tax Division, Department of Revenue (DOR), Anchorage, Alaska, stated that the fiscal note was prepared based on the language in version A of the bill. DOR has not submitted an updated fiscal note that estimates the revenue impact for FY2022. That being said, she estimated the fiscal impact would be close to the current fiscal note; the value of the credit is $2.9 million to $5.1 million. She offered to provide an updated fiscal note upon request. 4:01:14 PM SENATOR MICCICHE said he could wait until the bill goes to finance. 4:01:35 PM CHAIR REVAK removed his objection. Finding no further objection, the CS for SB 33 was adopted. 4:01:59 PM CHAIR REVAK opened public testimony on SB 33; finding none, he closed public testimony. He solicited the will of the committee. 4:02:30 PM SENATOR MICCICHE moved to report the CS for SB 33, work order 32-LS0308\B, from committee with individual recommendations and attached fiscal note(s). 4:02:46 PM CHAIR REVAK announced that without objection CSSB 33(RES) was reported from the Senate Resources Standing Committee.