JUNEAU- On Tuesday, the Alaska Senate passed Senate Bill 33, which extends the sunset date for tax credits applied to seafood processors bringing salmon and herring products to market, and broadens the tax credit to include processors of other seafood products in Alaska.
“The seafood industry creates more direct jobs than any other private industry in our state and generates about $5.6 billion in economic value in Alaska annually (2017/2018 average),” said Senator Gary Stevens, R-KODIAK, who sponsored SB 33. “Alaska competes in global markets for its wild seafood products and annually harvests about 5.7 billion pounds. A key to future growth in the sector is providing tax credits so that seafood producers can increase the value of the harvest by investing in processing infrastructure and providing more seafood job opportunities in Alaska.”
SB 33 extends the deadline for Alaska seafood processors to receive capital cost recovery for installing new equipment and significant investments until December 31, 2026. The legislation also encourages innovations in seafood processing and incentivizes creating marketable products from what would otherwise be fish waste.
“Creating entirely new, marketable products is one of the best ways to add value to Alaska’s fishery resources,” said Senator Stevens. “The seafood industry has moved in this direction for salmon and has considerable potential to do so particularly for other valuable species.”
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