[Congressional Record (Bound Edition), Volume 147 (2001), Part 5]
[Extensions of Remarks]
[Page 7162]
[From the U.S. Government Publishing Office, www.gpo.gov]



  INTRODUCTION OF A BILL TO SIMPLIFY AND MAKE MORE EQUITABLE THE TAX 
   TREATMENT OF SETTLEMENT TRUSTS ESTABLISHED PURSUANT TO THE ALASKA 
                      NATIVE CLAIMS SETTLEMENT ACT

                                 ______
                                 

                             HON. DON YOUNG

                               of alaska

                    in the house of representatives

                         Thursday, May 3, 2001

  Mr. YOUNG of Alaska. Mr. Speaker, today, I am pleased to introduce a 
bill to simplify and make more equitable the tax treatment of 
settlement trusts established pursuant to the Alaska Native Claims 
Settlement Act (ANCSA).
  This bill is the product of a unique bipartisan effort over the past 
two Congresses. Joining me as cosponsors of the bill are--the Chairman 
of the Committee on Resources, Congressman James Hansen, the Ranking 
Minority Member of the Committee, Congressman Nick Rahall, and the 
former Ranking Minority Member of that Committee who cosponsored this 
legislation in the last Congress, Congressman George Miller.
  Additionally, I am honored to join with a number of other members of 
Congress in urging the enactment of this bill. The cosponsors include 
Ways and Means Committee Members, Subcommittee Chairman Amo Houghton, 
Ways and Means Committee Ranking Minority Member Charles Rangel, Rep. 
Dave Camp, Rep. J.D. Hayworth, Rep. Scott McInnis, and Rep. Mark Foley.
  Colleagues from the Native American Caucus who are cosponsoring this 
bill are: the Co-chair of the Caucus along with Mr. Hayworth, Rep. Dale 
Kildee, Rep. Neil Abercrombie, Rep. Eni Faleomavaega, Rep. Mark Udall, 
Rep. Frank Pallone, Rep. Patrick Kennedy, Mrs. Bono, Mr. Frost and Mr. 
Stupak.
  This bill would remedy several key deficiencies in the current 
settlement trust provision enacted in a 1987 amendment to ANCSA. That 
provision authorized Alaska Native Corporations organized pursuant to 
ANCSA to establish, from their own resources, settlement trust funds to 
``promote the health, education, and welfare . . . and preserve the 
heritage and culture of Natives.'' Unfortunately, the Settlement Trust 
tax provision in existing law poses several significant impediments to 
the establishment and long-term maintenance of Settlement Trusts, and 
therefore, to the fulfillment of their purposes under ANCSA.
  A version of this bill was included by the Ways and Means Committee 
in legislation last Congress that was vetoed and a version of it passed 
the Senate as well. This current version of the bill we are introducing 
today has been vetoed over the past several years with the tax writing 
committees of Congress in the House and Senate, the Joint Committee on 
Taxation and the Department of Treasury. It addresses the key 
deficiencies in the current law. I urge that it be included in tax-
related legislation considered by the House in this session of the 
107th Congress and that our colleagues join the co-sponsors of the bill 
in supporting this meritorious legislation.