Instructions For 2013 Alaska Fisheries Business Tax Annual Return (Page 4 of 8) in pdf

Percentage (line 2) is 100% and your salmon tax liability is

OTHER TAX CREDIT SCHEDULES

the same as your fisheries business tax liability.

Schedule WB - A.W. “Winn” Brindle Scholarship is a tax

credit for contributions made during the tax year to the A.W.

Part III Schedule SPD Recapture Worksheet

“Winn” Brindle Memorial Scholarship fund. The credit is

Use this form to determine the amount to be recaptured

limited to 5% of the fisheries business tax liability.

(paid back) for previous tax credits claimed on equipment

File only one Schedule WB, even if your company files more

that was sold, disposed of or removed from service.

than one return.

Part IV Qualified Expenditures Worksheet

Schedule EC - Subject to the limitations below, a taxpayer

List all new property for which you are claiming a credit.

is allowed a credit for cash contributions accepted: a) by

an Alaska university foundation or by a nonprofit (public or

SPD Tax Credit Definitions

private) Alaska two-year or four-year college accredited by

Alaska Percentage is the percentage of salmon processed

a regional accreditation association for direct instruction,

on your vessel in Alaska. The percentage is calculated by

research, and educational support purposes, including library

dividing the pounds of raw salmon processed in the state by

and museum acquisitions, and contributions to endowment;

the total weight of raw salmon processed on the vessel in

b) by a nonprofit (public or private) Alaska two-year or

and outside of the state. If that amount is less than 50%, the

four-year college accredited by a regional accreditation

SPD credit may not be claimed for this vessel.

association for a facility or annual intercollegiate sports

First placed into service means the moment when

tournament; c) by a school district in the state for secondary

new property or new equipment is first used for business

school level vocational education courses, programs

purposes.

and facilities; d) by a state-operated vocational technical

education and training school for vocational education

New equipment means tangible, depreciable personal

courses, programs and facilities; e) by a nonprofit agency for

property with a useful life of three years or more whose

Alaska Native cultural/heritage programs and educational

original use commences with the taxpayer and does not

support, including mentoring and tutoring, for public school

include property first used by another person.

staff and for students in grades kindergarten through 12

Qualified investment means the investment cost in

in the state; and f) by an institution that is located in the

depreciable tangible personal property with a useful life of

state and qualifies as a coastal ecosystem learning center

three years or more to be used predominantly to produce

under the Coastal American Partnership established by the

value-added salmon products beyond heading and gutting

federal government for education, research, rehabilitation,

of the salmon. Investment cost does not include federal,

and facilities.

state, or local grant funds. The definition of “property”

The Education Credit is limited to 50% of the first $100,000,

includes equipment to be used for: filleting, skinning,

100% of the next $200,000 and 50% of contributions that

portioning, mincing, forming, extruding, stuffing, injecting,

exceed $300,000.

mixing, marinating, preserving, drying, smoking, brining,

packaging, blast freezing or pin bone removal as well as

The total contributions qualifying for the credit (line 1 of

ice-making.

Schedule EC) cannot be claimed as a charitable contribution

deduction. Contributions claimed as a credit on this return

Useful life means the useful life of equipment that is or

cannot be claimed as a credit for other Alaska taxes.

would be applicable for purposes of depreciation.

The total allowable credit may not exceed $5 million. If

Valued-added salmon product means the product of

a taxpayer is a member of an affiliated group (see AS

a salmon that is processed beyond heading, gutting or

43.20.073), then the total amount of credits may not exceed

separation in a manner that materially enhances the value

$5 million for the affiliated group.

of the salmon product, such as shelf-stable, retort pouched,

smoked, pickled, or filleted salmon, ikura, leather, or jerky.

File only one Schedule EC, even if your company files more

Value added salmon product does not include a salmon or

than one return.

salmon product that is:

GENERAL DEFINITIONS

• subjected to only one or more of heading, gutting,

Processing means any activity that modifies the physical

freezing, packaging, quality assurance practices or value

condition of a fisheries resource, including butchering,

retention practices;

freezing, salting, cooking, canning, dehydrating or smoking.

• salmon skeins or other unprocessed salmon products

Processing does not include gutting, gilling or icing fish,

whether fresh or frozen;

or decapitating shrimp, on a vessel while on the fishing

grounds when necessary to maintain product quality or

• canned, except for salmon products in a pop-top can; or

prevent loss from decomposition. The removal, rinsing and

• produced out of the state.

icing of salmon roe is not considered processing.

0405-574i Rev 12/19/13 - page 4

Instructions For 2013 Alaska Fisheries Business Tax Annual Return Page 4

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