Section 15 AAC 75.090 - Limitation on credit(a) If a fisheries business operates in the state one or more vessels, shore-based plants, or a combination of both in the same tax year that eligible qualified investment costs are incurred, the fisheries business may not claim in that tax year a total credit under AS 43.75.037 greater than 50 percent of the fisheries business's combined fisheries business tax liability incurred at all the fisheries business's vessels and shore-based plants.(b) A fisheries business may not apply a fisheries product development tax credit under AS 43.45.037 that was generated in a tax year at a vessel or shore-based plant to the fisheries business's tax liability incurred in a subsequent tax year and at a different vessel or shore-based plant, unless the fisheries business owned both vessels or shore-based plants at the time the qualified investment costs generating the tax credit were incurred.(c) A fisheries business may not apply a tax credit under AS 43.75.037 received for property used to perform an ice-making, processing, packaging, or product-finishing function on eligible fish species, within the meaning given in AS 43.75.037(k), against the fisheries business's tax liability generated by a different species not included in the definition of "eligible fish" under AS 43.75.037(k).Eff. 8/12/87, Register 103; am 3/3/2023, Register 245, April 2023Authority:AS 43.05.080
AS 43.75.037
Sec. 6, ch. 79, SLA 1986