,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ebbh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #h1 #bjbb,ms4 
,murk[ski 7= h]self & ,mr4 ,sullivan7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to treat activities
 relat$ to fi%]ies 9 ! ,b]+ ,sea &      
,aleutian ,isl&s areas z relat$ to an   
exempt purpose = purposes ( ! ,int]nal  
,rev5ue ,code ( #aihf4  #a4 ,nonpr(it   
community developm5t activities 9 remote
 native villages  7a7 ,9 g5]al ,=       
purposes ( sub*apt] ,f ( *apt] #a ( !   
,int]nal ,rev5ue ,code ( #aihf1 any     
activity sub/antially relat$ to         
p>ticipation & inve/m5t 9 fi%]ies 9 !   
,b]+ ,sea & ,aleutian ,isl&s /ati/ical &
 report+ areas 7z describ$ 9 ,figure #a 
( section #fgi ( title #ej1 ,code (     
,f$]al ,regulations7 c>ri$ on by an     
entity id5tifi$ 9 section               
#cje7;i77#a77;,d7 ( ! ,magnuson-,/ev5s  
,fi%]y ,cons]vation & ,managem5t ,act   
7#af ,u4,s4,c4 #ahee7;i77#a77;,d77 7z 9 

effect on ! date ( enactm5t ( ?is       
section7 %all be consid]$ sub/antially  
relat$ to ! ex]cise or p]=mance ( !     
purpose con/itut+ ! basis ( su* entity's
 exemption "u section #eja7;a7 ( su*    
,code if ! conduct ( su* activity is 9  
fur!rance ( #a or m ( ! purposes        
specifi$ 9 section #cje7;i77#a77;,a7 (  
su* ,act4 ,= purposes ( ?is p>agraph1   
activities sub/antially relat$ to       
p>ticipation or inve/m5t 9 fi%]ies      
include ! h>ve/+1 process+1             
transportation1 sales1 & m>ket+ ( fi% & 
fi% products ( ! ,b]+ ,sea & ,aleutian  
,isl&s /ati/ical & report+ areas4  7b7  
,application to c]ta9 :olly own$        
subsidi>ies ,if ! assets ( a trade or   
bus9ess relat+ to an activity describ$ 9
 subsection 7a7 ( any subsidi>y :olly   
own$ by an entity id5tifi$ 9 section    
#cje7;i77#a77;,d7 ( ! ,magnuson-,/ev5s  
,fi%]y ,cons]vation & ,managem5t ,act   
7#af ,u4,s4,c4 #ahee7;i77#a77;,d77 are  
transf]r$ to su* entity 7includ+ 9      
liquidation ( su* subsidi>y7 n lat] ?an 

#ah mon?s aft] ! date ( ! enactm5t ( ?is
 ,act-- 7#a7 no ga9 or income result+ f 
su* transf] %all be recogniz$ to ei!r   
su* subsidi>y or su* entity "u su*      
,code1 &  7#b7 all income d]iv$ f su*   
subsidi>y f su* transf]r$ trade or      
bus9ess %all be exempt f taxation "u su*
 ,code4  7c7 ,effective date ,?is       
section %all be effective dur+ ! exi/5ce
 ( ! we/]n ,alaska community developm5t 
quota program e/abli%$ by ,section      
#cje7;i77#a7 ( ! ,magnuson-,/ev5s ,fi%]y
 ,cons]vation & ,managem5t ,act 7#af    
,u4,s4,c4 #ahee7;i77#a771 z am5d$4