Legislators pass salmon tax credit

Posted: Wednesday, March 12, 2008

JUNEAU - Salmon processors may continue to get a state tax break for developing new salmon products.

Both houses of the state Legislature unanimously passed House Bill 321, which would extend the Salmon Product Development Tax Credit for another three years. The Senate approved the bill Tuesday.

The credit was first enacted in 2003. Processors can credit 50 percent of the cost of new processing equipment to their annual fisheries business tax.

That is the state's tax on the ex-vessel value, which is a measure of the money paid to commercial fishermen for their catch.

The bill was sponsored by Rep. Bill Thomas, R-Haines. It now heads to Gov. Sarah Palin's desk for her signature.

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