Legislature(2025 - 2026)GRUENBERG 120
03/25/2025 10:00 AM House FISHERIES
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| Audio | Topic |
|---|---|
| Start | |
| HB129 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 125 | TELECONFERENCED | |
| += | HB 129 | TELECONFERENCED | |
| + | TELECONFERENCED |
HB 129-FISHERIES PROD DEVELOPMENT TAX CREDIT
10:48:42 AM
CHAIR STUTES announced that the final order of business would be
HOUSE BILL NO. 129, "An Act relating to the fisheries product
development tax credit; providing for an effective date by
amending the effective date of sec. 2, ch. 31, SLA 2022; and
providing for an effective date."
10:49:00 AM
MATT GRUENING, Staff, Representative Louise Stutes, Alaska State
Legislature, on behalf of the bill sponsor, the House Special
Committee on Fisheries by request of the Joint Legislative
Taskforce Evaluating Alaska's Seafood Industry, gave a summary
of HB 129. He said that the proposed legislation expands the
Fisheries Product Development Tax Credit to allow for continued
incentives for supporting value-added products as well as new
technologies and processes that add quality and value to Alaska
fish products. The current credit allows the processor to
deduct up to 50 percent of its Fisheries Business Tax Liability.
He noted that this legislation would expand the use of the
credit to all species of fish and shellfish. It would add new
qualifiers for the credit, require a faster determination of
credit eligibility from the Department of Revenue, and extend
the sunset date of the tax credits by three years. He remarked
that the passage of this bill would enhance the ability of
Alaska seafood processors to receive capital cost recovery for
installing new equipment and making significant investments to
get more value for each fish. He said that during a time of
historically poor market conditions and low value for Alaska
seafood, HB 129 would support the processing industry and
incentivize processors to continue to add value to the state's
seafood and by doing so, support fishermen in the state.
10:51:10 AM
CHAIR STUTES opened public testimony on HB 129.
10:51:27 AM
SINCLAIR WILT, Vice President, Westward Seafood, testified in
support of HB 129. She said that Westward Seafood has three
processing operations in Dutch Harbor and its primary focus was
on pollock but processed pacific cod, crab varieties, halibut,
and black cod as well. He said that as product species and
market conditions evolve, processers try to respond to customer
wishes. He said that as many of the committee members are
aware, the seafood industry is going through trying times right
now given the poor market conditions. He stated that whatever
could be done to help respond to the market demand and improve
products would be helpful. He said that he has supported prior
versions of the bill, and the expansion of qualifying species
would be useful for Westward Seafood's product line.
10:53:55 AM
CHAIR STUTES, after ascertaining there was no one else who
wished to testify, closed public testimony on HB 129 and set an
amendment deadline for the bill.
Chair Stutes announced that HB 129 was held over.