A tasty tax benefit for processors
May 19, 2022
The Alaska legislative session has concluded, and among the bills that passed is a measure to revive and expand a lucrative tax credit for seafood processors.
The state previously had a tax credit for investments in equipment used to produce value-added salmon and herring products, but that credit expired after 2020.
Senate Bill 33, which now awaits the governor's signature, would revive the tax credit and expand it to additional species including pollock, Pacific cod and sablefish.
A fiscal note estimated processors could benefit by up to $3.6 million annually.
The seafood industry broadly supported SB 33, which was sponsored by Sen. Gary Stevens, R-Kodiak. Industry players said the legislation could spur innovation, increase the value and utilization of each fish, and support jobs.
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