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 caps the fisheries product development tax credit at 50% of a taxpayer’s liability and pushes the eligibility deadline to after Dec. 31 2029. It adds a 60‑day preliminary review process for businesses applying for the credit and defines which fish species and processing equipment qualify, while excluding general transport and ancillary items. The changes affect Alaska fisheries processors seeking tax incentives for upgrading or adding value‑added equipment.

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