AlaskaSB 13034th Legislature (2025-2026)Senate

FISHERIES PROD DEVELOPMENT TAX CREDIT

Sponsored By: SENATE RULES BY REQUEST OF TASK FORCE EVAL ALASKA SEAFOOD INDUSTRY

Became Law

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

Fisheries Businesses Get Longer Investment Window

Alaska extends the deadline for first putting qualifying fisheries equipment into use from December 31, 2026, to December 31, 2036. This gives fisheries businesses ten more years to put eligible investments into service. Equipment first used after December 31, 2036, does not qualify. The deadline extension takes effect January 1, 2027; the act applies retroactively to January 1, 2026, where legally permitted.

Fisheries Credit Capped And Ends In 2037

The fisheries credit cannot exceed 50% of a taxpayer’s tax liability for processing eligible fish during the tax year. Alaska repeals the fisheries product development tax credit on January 1, 2037. Fisheries businesses can no longer claim the credit under that program after its repeal. The related disclosure and credit provisions also end on that date.

Broader Fisheries Credits With Equipment Limits

Beginning January 1, 2026, Alaska’s fisheries credit covers any fish or shellfish species, except as provided in AS 43.75.037(c). Eligible equipment includes ice-making machines and other cooling technology used to make higher-value fish products. Equipment must qualify for depreciation, last at least three years, and serve a qualifying purpose at least 51% of the time. Its ice-making, processing, packaging, or finishing work must be a significant part of making the product. Covered equipment also includes value-added conveyors, fish-byproduct equipment, new herring canning equipment, and parts needed to change salmon can sizes. Exclusions include vehicles and forklifts, transport equipment, nonproduction conveyors, basic tools and supplies, and general changes to existing equipment. Equipment mainly used to make products not taxed under Alaska’s fisheries business tax also does not qualify.

Fisheries Credit Decisions And Disclosure Rules

Beginning January 1, 2026, Alaska’s Department of Revenue must provide a process for reviewing proposed fisheries investments. It must issue a preliminary eligibility decision within 60 days after receiving a business’s submission. A favorable decision binds the department unless the taxpayer made a material misrepresentation. Businesses must also agree to public disclosure of recipient counts and total credits claimed for each eligible fish species. These rules operate until the program ends January 1, 2037.

Sponsors & Cosponsors

Sponsor

SENATE RULES BY REQUEST OF TASK FORCE EVAL ALASKA SEAFOOD INDUSTRY
Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 34 • No: 6

Senate vote • 4/1/2026

PASSED Y17 N3

Yes: 17 • No: 3