15 AAC 77.035. Credit for other taxes paid

(a) A credit is allowed for taxes paid to another jurisdiction in which the fishery resource was caught, processed, or sold. The credit is only available if the taxes paid to another jurisdiction are equivalent in nature to the taxes imposed by AS 43.75 and AS 43.76. A tax is equivalent in nature to the tax imposed under AS 43.75 if the tax is in the nature of an occupational tax on the conduct of a fisheries business as measured by the value of resources harvested or processed within the jurisdiction, or a tax otherwise imposed on the harvesting or processing of fishery resources within a jurisdiction. A tax is equivalent in nature to the tax imposed under AS 43.76 if the tax is imposed on the harvesting of salmon within a jurisdiction and the tax is intended to be used to promote or enhance salmon production within that jurisdiction. Sales taxes, import or export fees or taxes, income taxes, and similar taxes and fees are not considered to be equivalent in nature to the taxes imposed under AS 43.75 and AS 43.76.

(b) The amount of the credit for taxes paid to another jurisdiction on the fishery resource may not exceed the liability of the person for the tax under AS 43.77 on the same fishery resource.

(c) If taxes paid to another jurisdiction are subsequently refunded or credited to the person, the amount of the credit previously allowed under AS 43.77 or this chapter shall be recaptured as additional tax in the year the taxes were refunded or credited.

(d) The credit for other taxes paid must be claimed on the return. The person claiming the credit shall attach a statement to the return attesting that the tax described in (a) of this section has been paid, indicating the date that payment was made, identifying the jurisdiction to which the payment was made, and describing the nature of the tax and providing citation to the statutory and other legal authority in the jurisdiction for imposition of the tax. A copy of the return or report filed in the other jurisdiction must be submitted with the Alaska return and statement by the person claiming the credit.

(e) For purposes of this section, "jurisdiction" includes a state other than Alaska, a foreign country, or the United States.

History: Eff. 4/20/94, Register 130

Authority: AS 43.77.030

AS 43.77.070

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