[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Page S7470]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1629. Ms. MURKOWSKI submitted an amendment intended to be proposed 
to amendment SA 1618 submitted by Mr. Hatch (for himself and Ms. 
Murkowski) and intended to be proposed to the bill H.R. 1, to provide 
for reconciliation pursuant to titles II and V of the concurrent 
resolution on the budget for fiscal year 2018; which was ordered to lie 
on the table; as follows:

       At the end of part VIII of subtitle C of title I, insert 
     the following:

     SEC. 13709. NONPROFIT COMMUNITY DEVELOPMENT ACTIVITIES IN 
                   REMOTE NATIVE VILLAGES. --

        (a) In General.--For purposes of subchapter F of chapter 1 
     of the Internal Revenue Code of 1986, any activity 
     substantially related to participation and investment in 
     fisheries in the Bering Sea and Aleutian Islands Management 
     Area (as defined in section 205 of the American Fisheries Act 
     (16 U.S.C. 1851 note)) carried on by an entity identified in 
     section 305(i)(1)(D) of the Magnuson-Stevens Fishery 
     Conservation and Management Act (16 U.S.C. 1855(i)(1)(D)) (as 
     in effect on the date of enactment of this section) shall be 
     considered substantially related to the exercise or 
     performance of the purpose constituting the basis of such 
     entity's exemption under section 501(a) of such Code if the 
     conduct of such activity is in furtherance of 1 or more of 
     the purposes specified in section 305(i)(1)(A) of such Act. 
     For purposes of this paragraph, activities substantially 
     related to participation or investment in fisheries include 
     the harvesting, processing, transportation, sales, and 
     marketing of fish and fish products of the Bering Sea and 
     Aleutian Islands Management Area.
       (b) Application to Certain Wholly Owned Subsidiaries.--If 
     the assets of a trade or business relating to an activity 
     described in subsection (a) of any subsidiary wholly owned by 
     an entity identified in section 305(i)(1)(D) of the Magnuson-
     Stevens Fishery Conservation and Management Act (16 U.S.C. 
     1855(i)(1)(D)) are transferred to such entity (including in 
     liquidation of such subsidiary) not later than 18 months 
     after the date of the enactment of this Act--
       (1) no gain or income resulting from such transfer shall be 
     recognized to either such subsidiary or such entity under 
     such Code, and
       (2) all income derived from such subsidiary from such 
     transferred trade or business shall be exempt from taxation 
     under such Code.
       (c) Effective Date.--This section shall be effective during 
     the existence of the western Alaska community development 
     quota program established by Section 305(i)(1) of the 
     Magnuson-Stevens Fishery Conservation and Management Act (16 
     U.S.C. 1855(i)(1)), as amended.
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