AK HB59

Amends AS 16.10.320 to allow the department to reduce interest rates by up to 2 percent on new commercial fishing loans made under AS 16.10.300-16.10.370.

Interest rate reduction applies when at least 50 percent of loan proceeds are used for product quality improvements or energy efficiency upgrades using products manufactured or produced in Alaska.

Department must provide the interest rate reduction to all applicants meeting the criteria on an equal basis.

Defines "manufactured or produced" as processing, developing, or making an item into a new item with a distinct character and use.

Effective immediately upon passage.