00 CS FOR SENATE BILL NO. 130(RES)(Corrected) 01 "An Act relating to the fisheries product development tax credit; providing for an 02 effective date by amending the effective date of sec. 2, ch. 31, SLA 2022; and providing 03 for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05  * Section 1. AS 43.05.230(m) is amended to read: 06 (m) The number of recipients and the total amount of tax credits claimed for 07 each species [TYPE] of eligible fish under AS 43.75.037 is public information. In this 08 subsection, "eligible fish" has the meaning given in AS 43.75.037(k).  09  * Sec. 2. AS 43.75.037(b) is amended to read: 10 (b) The amount of the tax credit applied against taxes under this section may 11 not 12 (1) exceed 50 percent of the taxpayer's tax liability incurred under this 13 chapter for processing of eligible fish during the tax year; or 14 (2) be claimed for property first placed into service after December 31, 01 2029 [2026]. 02  * Sec. 3. AS 43.75.037(i) is amended to read: 03 (i) The department shall develop and implement procedures by which a 04 taxpayer that is a fisheries business may submit the taxpayer's proposed investment to 05 the department and request a preliminary determination of whether the investment 06 qualifies for the fisheries product development tax credit under this section. A 07 preliminary determination by the department that the taxpayer's submission qualifies 08 for the credit is binding, unless the department determines that the taxpayer has made 09 a material misrepresentation in the taxpayer's submission. The department shall  10 make a preliminary determination as to whether a taxpayer's proposed  11 investment qualifies for a credit within 60 days after the department receives a  12 taxpayer's proposed investment submitted under this subsection.  13  * Sec. 4. AS 43.75.037(j) is amended to read: 14 (j) To claim a credit under this section, a taxpayer shall agree that the 15 department may make public the number of recipients and the total amount of tax 16 credits claimed for each species [TYPE] of eligible fish. Notwithstanding any contrary 17 provision in AS 40.25.100 or AS 43.05.230, the number of recipients and the total 18 amount of tax credits claimed for each species [TYPE] of eligible fish is public 19 information.  20  * Sec. 5. AS 43.75.037(k)(1) is amended to read: 21 (1) "eligible fish" means, except as otherwise provided in (c) of this 22 section, any species of fish or shellfish [SALMON, HERRING, POLLOCK, 23 SABLEFISH, OR PACIFIC COD]; 24  * Sec. 6. AS 43.75.037(k)(4) is amended to read: 25 (4) "qualified investment" means the investment cost to purchase or 26 convert depreciable tangible personal property with a useful life of three years or more 27 that will [TO] be used predominantly to increase the quality and value of eligible  28 fish or used predominantly to perform an ice-making, processing, packaging, or 29 product-finishing function that is a significant component in producing a value-added 30 eligible fish product, including canned salmon products in can sizes other than 14.75 31 ounces or 7.5 ounces; in this paragraph, "property" 01 (A) includes 02 (i) equipment used to fillet, skin, portion, mince, form, 03 extrude, stuff, inject, mix, marinate, preserve, dry, smoke, brine, 04 package, freeze, scale, grind, separate meat from bone, or remove pin 05 bones; 06 (ii) new parts necessary for, or costs associated with, 07 converting a canned salmon line to produce can sizes other than 14.75 08 ounces or 7.5 ounces; 09 (iii) conveyors used specifically in the act of producing 10 a value-added eligible fish product; 11 (iv) ice-making machines, freezers, and other  12 temperature reducing technologies; 13 (v) new canning equipment for herring products; and 14 (vi) equipment used to transform eligible fish byproduct 15 that is discarded as waste into saleable product; 16 (B) does not include 17 (i) vehicles, forklifts, conveyors not used specifically in 18 increasing the quality and value of eligible fish or the act of 19 producing a value-added eligible fish product, cranes, pumps, or other 20 equipment used to transport eligible fish or eligible fish products, 21 knives, gloves, tools, supplies and materials, equipment, other than ice- 22 making machines, that is not processing, packaging, or product- 23 finishing equipment, or other equipment, the use of which is incidental 24 to increasing the quality and value of eligible fish or the production, 25 packaging, or finishing of value-added eligible fish products; 26 (ii) the overhaul, retooling, or modification of new or 27 existing property, except for new parts necessary for, or costs 28 associated with, converting a canned salmon line to produce can sizes 29 other than 14.75 ounces or 7.5 ounces; or 30 (iii) property used predominantly to produce an eligible 31 fish product that is not taxed under this chapter; 01  * Sec. 7. AS 43.75.037(k) is amended by adding a new paragraph to read: 02 (8) "used predominantly" means used 51 percent or more of the time. 03  * Sec. 8. Section 6, ch. 31, SLA 2022, is amended to read: 04 Sec. 6. AS 43.05.230(m); AS 43.75.037, and 43.75.130(h) are repealed 05 January 1, 2030 [2027]. 06  * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new 07 section to read: 08 RETROACTIVITY. This Act is retroactive to January 1, 2025. 09  * Sec. 10. Section 8, ch. 31, SLA 2022, is amended to read: 10 Sec. 8. Section 2 of this Act takes effect January 1, 2030 [2027]. 11  * Sec. 11. This Act takes effect immediately under AS 01.10.070(c).