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Tax Exemptions for Bering Sea and Aleutian Islands Fisheries

New rules aim to support Alaskan Native communities involved in fisheries. Certain fishing-related activities will be treated as tax-exempt purposes, potentially providing financial benefits to local businesses and residents. The law seeks to facilitate economic development in these remote regions.
Key points
Fishery activities in the Bering Sea and Aleutian Islands will be considered tax-exempt for certain non-profit entities.
Transfer of assets from wholly-owned subsidiaries to these non-profit fishing entities will be tax-free.
Income from these transferred businesses will also be exempt from taxation, supporting local community development.
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Expired
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Additional Information
Print number: 117_S_5228
Sponsor: Sen. Murkowski, Lisa [R-AK]
Process start date: 2022-12-08
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to treat activities related to fisheries in the Bering Sea and Aleutian Islands areas as related to an exempt purpose for purposes of the Internal Revenue Code of 1986.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5228.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-08.

What are the main provisions?

Key points include:

  • Fishery activities in the Bering Sea and Aleutian Islands will be considered tax-exempt for certain non-profit entities.
  • Transfer of assets from wholly-owned subsidiaries to these non-profit fishing entities will be tax-free.
  • Income from these transferred businesses will also be exempt from taxation, supporting local community development.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Murkowski, Lisa [R-AK].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy Agriculture