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Committee amends and reports HB129 to include microalgae (kelp) in fisheries product development tax credit
Summary
House Bill 129 was amended to expand the fisheries product development tax credit to support harvest and processing of microalgae (e.g., kelp). The committee adopted the amendment and reported HB129 out of committee as amended with individual recommendations and an accompanying fiscal note.
Representative McCabe offered and the committee adopted a single amendment to House Bill 129 on March 27 that expands the fisheries product development tax credit to cover microalgae processing and harvest (example cited: kelp). The amendment was adopted without sustained objection and was characterized by McCabe as encouraging industry investment in processing equipment and infrastructure specific to microalgae.
"This amendment expands the fisheries product development tax credit to support the harvest and processing of microalgae, such as kelp," Representative McCabe said when offering the change, noting the goal is to "encourage fisheries businesses to invest in processing equipment and infrastructure specific to microalgae." After brief discussion and no remaining objections, the committee adopted amendment N.2 (referred to in the record as amendment 1) as part of the working draft.
Following adoption of the amendment, Representative Benjamin moved to report HB 129 (version 34/LS0647) out of committee as amended, "with individual recommendations and accompanying fiscal note." Hearing no objection, the committee moved HB 129 out of committee as amended.
The amendment is designed to align tax incentives with the state's developing mariculture sectors by allowing microalgae producers and processors to claim the fisheries product development tax credit for eligible investments. The committee's action indicates legislative support for using tax policy to encourage processing capacity for seaweed and related products; the committee record notes the change was offered as a friendly amendment and adopted by unanimous consent.
Next steps: HB 129 will proceed from committee labeled as reported out with recommendations and a fiscal note; further consideration, including floor action and potential amendments in the broader House, will determine statutory text and fiscal impact.
