Salmon Product Develop. Tax Credit
|Signed Into Law! Chapter 102 SLA 10|
Sponsored by Rep. Bill Thomas
Co-Sponsors: Rep. Wilson, Rep. Austerman, Rep. Edgmon, Rep. Muñoz, Rep. Gara, Rep. Harris, Rep. Herron, Rep. Kerttula, Rep. Tuck, Rep. Petersen, Rep. Millett, Rep. Crawford, Rep. Johnson, Rep. Johansen, Sen. Hoffman, Sen. Stedman, Sen. Dyson, Sen. Menard, Sen. French
“Relating to the salmon product development tax credit; and providing for an effective date by amending an effective date in sec. 7, ch. 57, SLA 2003, as amended by sec. 4, ch. 3, SLA 2006, and by sec. 4, ch. 8, SLA 2008.”
Posted: March 11, 2010 : v26-LS1473\R
House Bill 344 extends the deadline for salmon processors in Alaska to receive a salmon product development tax credit. The program allows applicants to claim a credit on their annual fisheries business tax for 50% of the purchase costs of eligible equipment. Credits received may not exceed 50% of a taxpayer's annual tax liability. Under current law, processors can claim the credit for the property first placed into service by December 31, 2011. This bill would extend the program's sunset date to December 31, 2015, allowing processors ample time to continue their long-range investment planning.
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