SB 130: 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. - Alaska

CSSB 130(RES)(Corrected) → CSSB 130(FIN) · 5 edits

MODERATE

The bill was transitioned from a Senate Resources version to a Senate Finance version, shifting the committee oversight to the body responsible for state revenue and tax policy. The text was cleaned up to remove specific fish species lists (like salmon and herring) and replaced them with the broader term 'eligible fish,' expanding the potential scope of the tax credit to any species defined by law. Several formatting errors and bracketed placeholders were corrected to finalize the bill's language.

Scope change

The bill's scope was broadened by removing specific examples of eligible fish species, allowing the credit to apply to any species defined as 'eligible fish' in the statute rather than just salmon, herring, pollock, sablefish, or Pacific cod.

ELIGIBILITY

Specific examples of eligible fish species (salmon, herring, pollock, etc.) were removed and replaced with the general term 'eligible fish,' broadening the potential range of products covered by the tax credit.

DEFINITION

The definition of 'qualified investment' was updated to remove the word 'convert' and streamline the description of equipment used to increase the value of eligible fish.

The list of included equipment was reorganized and simplified; for example, 'ice-making machines' were combined with 'other temperature reducing technologies' into a single item.

TECHNICAL

The bill header was updated to reflect the Senate Finance Committee instead of the Senate Resources Committee, and the bill number was changed from CSSB 130(RES) to CSSB 130(FIN).

Formatting errors and bracketed placeholders (e.g., [TYPE], [DELETED TEXT]) were removed to finalize the legislative text.

CSSB 130(RES) → CSSB 130(RES)(Corrected) · 4 edits

MODERATE

The bill was corrected to reflect the 34th Legislature's second session and updated the effective date from 2025 to 2026. The text was reorganized to properly sequence the amendments, moving the tax credit limit definition to Section 2 and adjusting the repeal dates for existing laws to align with the new effective timeline.

Scope change

The bill's scope remains focused on the fisheries product development tax credit, but the applicability of the repeal of existing sections has shifted to January 1, 2030 (with a bracketed alternative of 2027), changing when previous rules are removed.

TIMELINE

The bill's session changed from the first to the second session of the 34th Legislature, and the offered date was updated from April 2025 to March 2026.

The repeal of existing tax credit sections is now set to occur on January 1, 2030 (with 2027 as an alternative), replacing the previous 2025 date.

The effective date for the changes in Section 2 was updated to January 1, 2030 (with 2027 as an alternative), replacing the previous 2025 date.

TECHNICAL

The bill text was restructured to correct the order of sections, moving the tax liability limit definition to Section 2 and adding new sections to properly manage the repeal of prior laws.

SB 130 → CSSB 130(RES) · 5 edits

MODERATE

The bill was renumbered from SB 130 to CSSB 130(RES) and moved from the Second Session to the First Session of the 34th Legislature. The text was reorganized to remove a separate amendment regarding the effective date, consolidating the changes into the main bill text. The core policy provisions regarding the fisheries tax credit remain substantively the same, though the bill now includes a new section requiring the public disclosure of tax credit recipients and amounts by fish species.

Scope change

The bill's scope remains focused on the fisheries product development tax credit, but the procedural context changed from a standalone amendment to a formal committee resolution.

TIMELINE

The bill was reclassified from the 'Second Session' to the 'First Session' of the legislature, reflecting a procedural reset.

TECHNICAL

The bill title was changed from 'SB 130' to 'CSSB 130(RES)', indicating it is now a committee resolution version of the bill.

A separate section proposing an amendment to the effective date was removed and its content integrated into the main bill text.

REQUIREMENT

A new requirement was added to make the number of recipients and total tax credit amounts for each fish species public information.

DEFINITION

The definition of 'eligible fish' was updated to include a specific list of species (salmon, herring, pollock, sablefish, or Pacific cod) within the text.

Enrolled SB 130 → SB 130 · 5 edits

MODERATE

The bill was converted from an enrolled version into a working draft for the 34th Legislature, updating the effective dates to align with the current legislative session. Key substantive changes include extending the tax credit eligibility period to property placed in service after December 31, 2029, and adjusting the repeal dates for previous laws to January 1, 2030. The definition of 'qualified investment' was modified to explicitly include freezers and conveyors, while the exclusion criteria were broadened to cover equipment used to increase fish quality or value, not just production. The retroactive application of the law was also adjusted to January 1, 2025.

Scope change

The bill's scope remains focused on the fisheries product development tax credit, but the applicability dates were shifted forward to reflect the current legislative cycle.

TIMELINE

The deadline for claiming the tax credit was extended to property placed into service after December 31, 2029, and the repeal of prior laws was moved to January 1, 2030.

The retroactive effective date of the Act was changed to January 1, 2025.

ELIGIBILITY

The definition of 'qualified investment' was expanded to include freezers and conveyors, and the exclusion list now includes equipment used to increase the quality and value of eligible fish.

DEFINITION

The list of eligible fish species was updated to include specific types like salmon, herring, pollock, sablefish, and Pacific cod.

REQUIREMENT

New procedures were added allowing fisheries businesses to request a binding preliminary determination from the department regarding their proposed investments.

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.

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