110 HR 6683 IH: Western Alaska Community Development U.S. House of Representatives 2008-07-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6683 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.

1.

Short title

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

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). .