Legislature(2007 - 2008)BARNES 124
03/19/2007 08:30 AM House FISHERIES
| Audio | Topic |
|---|---|
| Start | |
| HJR14 | |
| HB186 | |
| HB15 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | HJR 14 | TELECONFERENCED | |
| *+ | HB 186 | TELECONFERENCED | |
| += | HB 15 | TELECONFERENCED | |
| + | TELECONFERENCED |
HJR 14-FED S 552/HR 1334; EXXON PLAINTIFFS 8:36:38 AM CHAIR SEATON announced that the first order of business would be HOUSE JOINT RESOLUTION NO. 14, Urging the United States Congress to enact Senate Bill 552 so that individuals receiving a damage award from the Exxon Valdez oil spill can benefit from the income averaging and retirement contribution provisions of the bill. 8:37:28 AM REPRESENTATIVE WILSON moved that the committee adopt CSHJR 14, Version 25-LS0639\K, Bullock, 3/15/07, as the working document. There being no objection, Version K was before the committee. 8:38:14 AM CHAIR SEATON explained that the resolution basically urges the United States Congress to enact S. 552 and H.R. 1334. 8:39:33 AM JERRY MCCUNE, Lobbyist, United Fishermen of Alaska (UFA), related UFA's support for HJR 14. Mr. McCune noted his appreciation for the introduction of the resolution as [the passage of the congressional legislation] will be an uphill battle. The proposals in Congress would be very helpful with regard to retirement and income averaging if there ever is an award awarded from the Exxon Valdez oil spill. REPRESENTATIVE LEDOUX recalled reading that fishermen wouldn't be able to deduct the attorney's fees from the settlement when they pay their taxes. She asked if that's correct. MR. MCCUNE responded that one opinion is based on a case in Florida in which someone received a punitive damage award in which that individual had to pay taxes on the entire award, although a portion of it was for attorney's fees. Another opinion is that self-employed persons shouldn't have to follow that rule. However, it's still in the air. 8:42:01 AM FRANK MULLEN informed the committee that he is a life-long commercial fisherman as well as a financial planner. He related that he has been working for years with the attorney groups to obtain some tax mitigation. The idea of S. 552 that HJR 14 addresses makes it clear that it's a one-time only exemption for existing caps to individual retirement account (IRA) contributions and the income averaging concept. He then emphasized that this isn't an effort to dodge taxes, however, if the amount of the mitigation award can be made into an IRA versus receiving an award that would be taxed at 35 percent, it would be helpful for the fishermen who have been awaiting these funds for 18 years. 8:44:57 AM CHAIR SEATON closed public testimony. 8:45:01 AM REPRESENTATIVE WILSON moved to report CSHJR 14, Version 25- LS0639\K, Bullock, 3/15/07, out of committee with individual recommendations and the accompanying fiscal notes. There being no objection, CSHJR 14(FSH) was reported from the House Special Committee on Fisheries.
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