[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6683 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6683

 To clarify the provisions of the Western Alaska Community Development 
                 Quota Program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2008

 Mr. Young of Alaska introduced the following bill; which was referred 
                 to the Committee on Natural Resources

_______________________________________________________________________

                                 A BILL


 
 To clarify the provisions of the Western Alaska Community Development 
                 Quota Program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Western Alaska Community Development 
Quota Program Technical Corrections Act of 2008''.

SEC. 2. ELIGIBILITY REQUIREMENTS FOR PARTICIPATING ENTITIES.

    Section 305(i)(1)(E) of the Magnuson-Stevens Fishery Conservation 
and Management Act (16 U.S.C. 1855(i)(1)(E)) is amended by--
            (1) redesignating clauses (v) and (vi) as clauses (vi) and 
        (vii), respectively; and
            (2) striking clauses (iii) and (iv) and inserting the 
        following:
                            ``(iii) Required investments.--The entity 
                        shall make investments that have a fisheries-
                        related purpose or a purpose for which the 
                        entity made an investment before March 1, 2006.
                            ``(iv) Limitation on other investments.--
                        During the six-year period beginning with 2007, 
                        and during each ten-year period thereafter, the 
                        entity may expend no more than 20 percent of 
                        the revenue it derives in the period from 
                        royalty payments and from investments described 
                        in clause (iii), to make investments the 
                        purpose of which is not fisheries-related or a 
                        purpose for which the entity made an investment 
                        before March 1, 2006, if the property or other 
                        assets that are the subject of such investments 
                        are located within the CDQ region in which the 
                        entity's eligible villages are located, or 
                        within the CDQ region in which another entity's 
                        eligible villages are located if the investment 
                        is made jointly with, or with the approval of, 
                        the other entity.
                            ``(v) Definitions.--For the purposes of 
                        this paragraph:
                                    ``(I) The term `investment' means 
                                property or any other asset that an 
                                entity acquires for the purpose of 
                                earning revenue, regardless of whether 
                                the acquisition results in a profit.
                                    ``(II) The term `CDQ region' means 
                                the general geographic region in which 
                                are located the villages listed in a 
                                clause of subparagraph (D).''.
                                 <all>