House Bill 90 provides two tax credits: one for salmon product development and another for salmon utilization. The purpose of the measure is to encourage industry to invest in the production of new value-added salmon products to improve the marketability of Alaska salmon through diversification of product forms as well as to encourage the full utilization of all salmon parts for the production of marketable products. The measure would provide an added impetus for new fishery businesses considering processing salmon to make investments in Alaska.

Alaska's salmon industry is a vital element in the economy of the state. Although Alaska salmon is one of the premiere food commodities in the world, an enormous increase in the world supply of salmon in recent years has caused significant decreases in the market value of Alaska salmon. This situation threatens investments and livelihoods in the salmon industry and related businesses and also negatively affects Alaska's state and local economies.

House Bill 90 will assist in improving Alaska's competitive position in salmon markets as it is utilized to develop value-added salmon products for placement into world markets.

Last Updated: 05-01-03

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