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Alaska State Joint Salmon Industry Task Force Committee Information

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Session:
State Capitol, Room
Juneau, AK 99801-1182
Phone: (907)
Fax: (907) 465-3517
Toll Free: (800) 821-4925
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Interim:
112 Mill Bay Road
Kodiak, AK 99615
Phone: (907) 486-4925
Fax: (907) 486-5264

345 W. Sterling Hw., Suite 102A
Homer, AK 99603
Phone: (907) 235-0690
Fax: (907) 235-4008

Tax Credit For Salmon Development
Sponsor Statement for HB 90
Alaska State Legislature
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Attachments Attachments
 
Released:
May 1, 2003
Cheryl Sutton
465-2705 (Jan-May)
283-9170 (Jun-Dec)

   

"An Act relating to a salmon product development tax credit and a salmon utilization tax credit under the Alaska fisheries business tax; and providing for an effective date."

"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..."
- Sen. Stevens

 

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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