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