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.

Summary

The bill establishes a tax credit for Alaska fisheries businesses that invest in qualifying equipment to improve fish quality or add value to products. Credit amounts are capped at 50 % of the taxpayer’s processing tax liability and cannot be claimed for equipment placed in service after Dec. 31, 2029. It also sets up a fast‑track, binding preliminary review by the department and defines which fish species and equipment qualify.

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