,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ebbh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #h1  
#bjbb,ms4 ,murkowski 7for herself and   
,mr4 ,sullivan7 introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,finance  ,a      
,,bill  ,to treat activities related to 
fisheries in the ,bering ,sea and       
,aleutian ,islands areas as related to  
an exempt purpose for purposes of the   
,internal ,revenue ,code of #aihf4  #a4 
,nonprofit community development        
activities in remote native villages    
7a7 ,in general ,for purposes of        
subchapter ,f of chapter #a of the      
,internal ,revenue ,code of #aihf1 any  
activity substantially related to       
participation and investment in         
fisheries in the ,bering ,sea and       
,aleutian ,islands statistical and      
reporting areas 7as described in ,figure
 #a of section #fgi of title #ej1 ,code 
of ,federal ,regulations7 carried on by 
an entity identified in section         

#cje7;i77#a77;,d7 of the                
,magnuson-,stevens ,fishery             
,conservation and ,management ,act 7#af 
,u4,s4,c4 #ahee7;i77#a77;,d77 7as in    
effect on the date of enactment of this 
section7 shall be considered            
substantially related to the exercise or
 performance of the purpose constituting
 the basis of such entity's exemption   
under section #eja7;a7 of such ,code if 
the conduct of such activity is in      
furtherance of #a or more of the        
purposes specified in section           
#cje7;i77#a77;,a7 of such ,act4 ,for    
purposes of this paragraph1 activities  
substantially related to participation  
or investment in fisheries include the  
harvesting1 processing1 transportation1 
sales1 and marketing of fish and fish   
products of the ,bering ,sea and        
,aleutian ,islands statistical and      
reporting areas4  7b7 ,application to   
certain wholly owned subsidiaries ,if   
the assets of a trade or business       
relating to an activity described in    

subsection 7a7 of any subsidiary wholly 
owned by an entity identified in section
 #cje7;i77#a77;,d7 of the               
,magnuson-,stevens ,fishery             
,conservation and ,management ,act 7#af 
,u4,s4,c4 #ahee7;i77#a77;,d77 are       
transferred to such entity 7including in
 liquidation of such subsidiary7 not    
later than #ah months after the date of 
the enactment of this ,act-- 7#a7 no    
gain or income resulting from such      
transfer shall be recognized to either  
such subsidiary or such entity under    
such ,code1 and  7#b7 all income derived
 from such subsidiary from such         
transferred trade or business shall be  
exempt from taxation under such ,code4  
7c7 ,effective date ,this section shall 
be effective during the existence of the
 western ,alaska community development  
quota program established by ,section   
#cje7;i77#a7 of the ,magnuson-,stevens  
,fishery ,conservation and ,management  
,act 7#af ,u4,s4,c4 #ahee7;i77#a771 as  
amended4