(JUNEAU) - The Alaska State House of Representatives unanimously approved House Bill 104 by a vote of 40 to zero on Wednesday. Sponsored by Sen. Gary Stevens (R-Kodiak) upon recommendation by the Joint Legislative Salmon Industry Task Force, HB 104 offers fish processors the option to pay their fisheries business tax on a monthly basis instead of as a yearly sum.

"This adjustment helps smaller processors with their financial management plans," Stevens said. "The monthly payment fits the business cycle in more practical manner than one large annual payment."

Processors who want to follow a monthly tax payment plan must still either file a $50,000 bond and make the monthly payment by the 15th day of the following month, or, prove to the Department of Revenue that the applicant owns at least $100,000 dollars worth of real estate in Alaska.

"If Alaska is to nurture its fishing industry, it must find new ways to accommodate the demands of business," Stevens said. "Offering processors the option of making monthly tax payments instead of large annual payments is one solution."

HB 104 moves to the Senate.

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