CSSB 164(FIN): "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; and providing for an effective date."
00 CS FOR SENATE BILL NO. 164(FIN) 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; and providing 03 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 2008 [2005]. 12 * Sec. 2. AS 43.75.035(i)(3) is amended to read: 13 (3) "qualified investment" means the investment cost in depreciable 14 tangible personal property with a useful life of three years or more to be used
01 predominantly to perform a processing, packaging, or product finishing function 02 that is a significant component in producing [PRODUCE] value-added salmon 03 products beyond gutting of the salmon; in this paragraph, "property" 04 (A) includes 05 (i) filleting, skinning, portioning, mincing, forming, 06 extruding, stuffing, injecting, mixing, marinating, preserving, drying, 07 smoking, brining, packaging, blast freezing, or pin bone removal 08 equipment; and 09 (ii) new parts to convert an existing can seamer to 10 pop-top can production; 11 (B) does not include 12 (i) vehicles, forklifts, conveyors, cranes, pumps or 13 other equipment used to transport salmon or salmon products, 14 knives, gloves, tools, supplies and materials, equipment that is not 15 processing, packaging, or product finishing equipment, or other 16 equipment the use of which is incidental to the production, 17 packaging, or finishing of value-added salmon products; or 18 (ii) the overhaul, re-tooling, or modification of new 19 or existing property, except for new parts to convert an existing 20 can seamer to pop-top can production; 21 * Sec. 3. AS 43.75.035(i) is amended by adding a new paragraph to read: 22 (6) "value-added salmon product" means the product of a salmon that 23 is processed beyond heading, gutting, or separation in a manner that materially 24 enhances the value of the salmon product, such as shelf-stable, retort pouched, 25 smoked, pickled, or filleted salmon, ikura, leather, or jerky; "value-added salmon 26 product" does not include a salmon or salmon product that 27 (A) has been subjected to only one or more of heading, gutting, 28 freezing, packaging, quality assurance practices, or value retention practices; 29 (B) is salmon skeins or other unprocessed salmon products 30 whether fresh or frozen; or 31 (C) is produced out of the state.
01 * Sec. 4. AS 43.75.035(i)(6) is amended to read: 02 (6) "value-added salmon product" means the product of a salmon that 03 is processed beyond heading, gutting, or separation in a manner that materially 04 enhances the value of the salmon product, such as shelf-stable, retort pouched, 05 smoked, pickled, or filleted salmon, ikura, leather, or jerky; "value-added salmon 06 product" does not include a salmon or salmon product that 07 (A) has been subjected to only one or more of heading, gutting, 08 freezing, packaging, quality assurance practices, or value retention practices; 09 (B) is salmon skeins or other unprocessed salmon products 10 whether fresh or frozen; [OR] 11 (C) is canned, except for salmon products in a pop-top can; 12 or 13 (D) is produced out of the state. 14 * Sec. 5. Section 7, ch. 57, SLA 2003, is amended to read: 15 Sec. 7. Section 3 of this Act takes effect on the earlier of the following: 16 (1) January 1, 2012 [2009]; or 17 (2) the date of the attorney general's notification to the lieutenant 18 governor and to the revisor of statutes that 19 (A) a court has entered final judgment that AS 43.75.035 or 20 43.75.036, added by sec. 1 of this Act, violates the commerce clause contained 21 in art. I, sec. 8, United States Constitution; and 22 (B) the time for an appeal of that judgment has expired, or, if 23 an appeal was taken, a final order on the appeal has been entered that 24 AS 43.75.035 or 43.75.036, added by sec. 1 of this Act, violates the commerce 25 clause contained in the United States Constitution. 26 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 27 read: 28 AVAILABILITY OF CREDIT FOR CONVERSION TO POP-TOP CAN 29 PRODUCTION. The amendment of AS 43.75.035(i)(3), by sec. 2 of this Act, to provide that 30 new parts to convert an existing can seamer to pop-top can production is a qualified 31 investment for purposes of AS 43.75.035 applies to new parts first installed on existing can
01 seaming equipment on or after January 1, 2005. 02 * Sec. 7. Section 4 of this Act takes effect January 1, 2006. 03 * Sec. 8. Except as provided in sec. 7 of this Act, this Act takes effect immediately under 04 AS 01.10.070(c).