CSHB 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."
00 CS FOR HOUSE BILL NO. 344(FIN) 01 "An Act relating to the salmon product development tax credit; and providing for an 02 effective date by amending an effective date in sec. 7, ch. 57, SLA 2003, as amended by 03 sec. 4, ch. 3, SLA 2006, and by sec. 4, ch. 8, SLA 2008." 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 2015 [2011]. 12 * Sec. 2. AS 43.75.035(j)(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 an ice making, [A] processing, packaging, or product 02 finishing function that is a significant component in producing 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; 09 (ii) new parts to convert an existing can seamer to pop- 10 top can production; [AND] 11 (iii) conveyors used specifically in the act of producing 12 a value-added salmon product; and 13 (iv) ice making machines; 14 (B) does not include 15 (i) vehicles, forklifts, conveyors not used specifically in 16 the act of producing a value-added salmon product, cranes, pumps, or 17 other equipment used to transport salmon or salmon products, knives, 18 gloves, tools, supplies and materials, equipment, other than ice 19 making machines, that is not processing, packaging, or product 20 finishing equipment, or other equipment the use of which is incidental 21 to the production, packaging, or finishing of value-added salmon 22 products; or 23 (ii) the overhaul, retooling, or modification of new or 24 existing property, except for new parts to convert an existing can 25 seamer to pop-top can production; 26 * Sec. 3. Section 7, ch. 57, SLA 2003, as amended by sec. 4, ch. 3, SLA 2006, and by sec. 4, 27 ch. 8, SLA 2008, is amended to read: 28 Sec. 7. Section 3, ch. 57, SLA 2003, [OF THIS ACT] takes effect on the 29 earlier of the following: 30 (1) January 1, 2019 [2015]; or 31 (2) the date of the attorney general's notification to the lieutenant
01 governor and to the revisor of statutes that 02 (A) a court has entered final judgment that AS 43.75.035 or 03 43.75.036, added by sec. 1, ch. 57, SLA 2003, violates the commerce clause 04 contained in art. I, sec. 8, United States Constitution; and 05 (B) the time for an appeal of that judgment has expired, or, if 06 an appeal was taken, a final order on the appeal has been entered that 07 AS 43.75.035 or 43.75.036, added by sec. 1, ch. 57, SLA 2003, violates the 08 commerce clause contained in the United States Constitution.