AK HB188

Expands the seafood product development tax credit to include herring, pollock, and cod processing in addition to salmon, effective retroactively to January 1, 2021.

Extends the deadline for claiming the tax credit for property first placed into service from December 31, 2020 to December 31, 2025.

Modifies the definition of "qualified investment" and "value-added" products to explicitly include herring, pollock, and cod processing equipment and products alongside existing salmon provisions.

Repeals the previous tax credit provisions and establishes January 1, 2026 as the repeal date for the amended statute, creating a sunset provision for the credit program.

Makes the amendments retroactive to January 1, 2021 and takes effect immediately upon passage.