TaxNewsFlash-Cooperatives

August 21, 2009
No. 2009-05

Proposal Would Authorize Single Fisheries Cooperative for Aleutian Islands

Shortly before Congress’ August recess, Senator Maria Cantwell (D-WA) on August 6, introduced a bill that would authorize a single fisheries cooperative for the Bering Sea Aleutian Islands longline catcher processor subsector.

The bill (S. 1609) proposes a single fishery cooperative on the request of eligible members of the longline catcher processor subsector holding at least 80% of the licenses issued for that subsector. If approved, a single fishery cooperative would include a limitation generally prohibiting any eligible member from harvesting a total of more than 20% of the Pacific cod available to be harvested in the longline catcher processor subsector.

For an electronic version of the proposed statutory language: S. 1609

The bill has been referred to the Senate Committee on Commerce, Science and Transportation. No further action on the bill has been scheduled at this time. As with any other legislation, it must be approved by both the House and Senate and signed by the President before it can be enacted into law.

For more information, contact KPMG’s National Director of Cooperative Tax Services:

Teree Castanias, in Sacramento, (916) 554-1146, tcastanias@kpmg.com

David Antoni, in Philadelphia, (267) 256-1627, dantoni@kpmg.com

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