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Tax Credit Program Extended for Seafood Processors
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Tax Credit Program Extended for Seafood Processors

Legislation signed into law in early July extends the sunset date for an Alaska tax credit program for seafood processors that bring value-added product to market. The legislation sponsored by state Senator Gary Stevens (R-Kodiak) continues the tax credit for salmon and herring value-added products until Jan. 1, 2027, and also allows tax credits for products from other Alaska fish species. The program has been credited as a major reason for the boost in the commercial value of Alaska seafood since its inception as the Alaska Salmon Product Development Tax Credit in 2003. Data compiled by the Alaska Seafood Marketing Institute and the Pacific Seafood Processors Association concludes that $114.4 million in new revenue has been generated from the previous tax credit program. Stev...