February 08, 2006
The bill, sponsored by Sen. Bert Stedman (R-Sitka), extends a successful investment incentive program developed by the Joint Legislative Salmon Industry Task Force and passed by the legislature in 2003. The program encourages innovation in Alaska's salmon processing industry by offering a tax credit to business investment in new technology and equipment intended to add value to Alaskan salmon products. The tax credit is designed to expand markets, increase wholesale value and generate greater profits for Alaskan fisherman.
"We've experienced a significant turn-around in our Salmon industry over the past three years and it's largely attributable to the hard-work, ingenuity and dedication of our fisherman and processors. Innovative programs like this processor tax credit have boasted capital investment in Alaska and put more money in the hands of our fisherman by increasing the overall quality and marketability of wild Alaskan Salmon," said Sen. Stedman.
The ex-vessel value of Alaska's salmon fishery has increased to $295 million from a 2002 historical low of $140 million. SB 164 was endorsed by a cross section of fisherman, gear groups and processors.
"The extension of this program is a recognition by Alaskans that a globally competitive Salmon industry is vital to a healthy economy in Alaska," said Sen. Stedman.
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