[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4347]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5459. Ms. MURKOWSKI (for herself and Mr. Sullivan) submitted an 
amendment intended to be proposed to amendment SA 5194 proposed by Mr. 
Schumer to the bill H.R. 5376, to provide for reconciliation pursuant 
to title II of S. Con. Res. 14; which was ordered to lie on the table; 
as follows:

        At the end of title I, insert the following:

     SEC. 13903. 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 statistical 
     and reporting areas (as described in Figure 1 of section 679 
     of title 50, Code of Federal Regulations) 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 statistical and reporting areas.
       (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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