AlaskaSB 13034th Legislature - First Session (2025)SenateWALLET

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

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

Credit cap and 2037 sunset

Beginning January 1, 2037, your credit for the year cannot exceed 50% of your fisheries business tax. You cannot claim the credit for property first put in service after December 31, 2036. The credit statutes are repealed on January 1, 2037, ending the program. Plan investments and filings before these dates.

More species qualify and clearer equipment rules

Beginning January 1, 2026, any fish or shellfish can qualify unless the law says otherwise. Only durable gear with a 3+ year life counts, and it must be used 51% or more for ice-making, processing, packaging, or finishing. The law lists examples that qualify, like filleting, packaging, freezing, ice-making, byproduct equipment, and parts to change salmon can sizes. It excludes vehicles, forklifts, cranes, pumps, general conveyors, small tools, and most overhaul costs. You can request a preliminary decision; the department must answer in 60 days, and that decision is binding unless you made a material misrepresentation.

Public reporting of credit claims

Beginning January 1, 2026, the state may publish how many businesses claim this credit and total dollars claimed for each fish species. To claim the credit, you agree to this disclosure even though tax data is usually confidential. This raises transparency but does not change your credit amount.

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: 17 • No: 3

Senate vote • 4/1/2026

PASSED Y17 N3