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HB 129 Alaska House · 34th Legislature (2025-2026)

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.

HB 129 modifies Alaska's fisheries product development tax credit program. It affects Alaska-based fisheries businesses that invest in equipment to process eligible fish (like salmon, herring, or pollock) into higher-value products. Key provisions include changing the effective date for credit claims from 2026 to 2029, defining "qualified investment" to cover specific processing equipment (e.g., canning machines for non-standard can sizes, ice-making systems, and byproduct conversion tools), and excluding general supplies or transport equipment from the credit. The bill clarifies eligibility and timing for businesses seeking tax credits on qualifying investments.
Issues: ✓ Budget & TaxesSupports Budget & TaxesModifies tax credit program to provide business tax relief for fisheries processing equipment investments, directly supporting tax incentive policies under Budget & Taxes.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Mar 2025
Committee Review
Floor Vote
Governor
Introduced Mar 10, 2025 Last action Mar 28, 2025
Maddy AI version diff · 1 comparison

What changed between versions

HB 129 → CSHB 129(FSH) · 5 edits
MODERATE
This bill was revised to expand the fisheries product development tax credit to include macroalgae (seaweed) processing and to clarify how tax credits are calculated for equipment used on vessels. The revision also updated the effective date of certain provisions and removed the requirement for a preliminary determination process for some investments.
Scope change
The bill now applies to macroalgae in addition to traditional fish and shellfish, and it changes how tax credits are calculated for vessel-based operations based on the proportion of processing done in-state versus out-of-state.
SCOPE

Added macroalgae (seaweed) as an eligible product for the tax credit, expanding the program beyond traditional fish and shellfish.

ELIGIBILITY

Changed the tax credit calculation for vessel-based equipment to use a fraction based on the weight of raw materials processed in-state versus out-of-state, with a 50% threshold for state residency.

TIMELINE

Updated the effective date for the repeal of certain sections from January 1, 2030 to January 1, 2027, and moved the retroactivity provision to apply from January 1, 2025.

REQUIREMENT

Removed the requirement for a preliminary determination process for taxpayers submitting proposed investments to the department.

DEFINITION

Updated the definition of 'qualified investment' to include equipment used to harvest or process macroalgae, and clarified that pollock, sablefish, and Pacific cod are not considered eligible fish for certain calculations.

Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions
15
Key actions
1
Committee
2
Mar 28, 2025
Committee
(H) REFERRED TO FINANCE
lower
Mar 27, 2025
Lower · Passed
(H) Moved CSHB 129(FSH) Out of Committee
lower
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.