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Full Text of this Amendment
After section 601, insert the following:
SEC. 602. NON-PROFIT COMMUNITY DEVELOPMENT ACTIVITIES IN REMOTE NATIVE VILLAGES.
For purposes of subchapter F of chapter 1 of the Internal Revenue Code of 1986, any trade or business substantially related to the participation and investment in fisheries in the Bering Sea and Aleutian Islands Management Area carried on by a Community Development Quota 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 the enactment of this Act) 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 trade or business is in furtherance of one or more of the purposes specified in section 305(i)(1)(A) of such Act. For purposes of this section, trades or businesses substantially related to participation or investment in fisheries include harvesting, processing, transportation, sales, and marketing of fish and fish product.
(As printed in the Congressional Record for the Senate on Mar 3, 2010.)