AK SB33

Establishes a fisheries product development tax credit allowing fisheries businesses to claim 50 percent of qualified investment in new processing equipment placed into service in Alaska shore-based plants or vessels.

Tax credit is capped at 50 percent of the taxpayer's annual tax liability for eligible fish processing and cannot be claimed for property placed into service after December 31, 2026.

Unused credits may be carried forward and applied against tax liability for the following three tax years, with recapture provisions ranging from 100 percent to zero percent depending on when property is disposed of or removed from service.

Qualified investments include equipment for filleting, smoking, canning, freezing, packaging, and other value-added fish processing; excludes vehicles, transport equipment, and overhaul work except for converting canned salmon line to non-standard can sizes.

Requires taxpayers to agree that the number of credit recipients and total amounts claimed per fish type are public information; credit is effective immediately through December 31, 2026.