00 Enrolled HJR 14                                                                                                         
01 Urging the United States Congress to enact H.R. 2419, sec. 12801, so that individuals                                   
02 receiving a damage award from the Exxon Valdez oil spill can benefit from the income                                    
03 averaging and retirement contribution provisions of the bill.                                                           
04                                           _______________                                                               
05 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                             
06      WHEREAS it is well documented that the Exxon Valdez oil spill has adversely                                      
07 affected the coastal region of the state and affected the economic status of communities in this                        
08 region for many years; and                                                                                              
09      WHEREAS the state's commercial fishermen, who make up 80 percent of the                                          
10 plaintiffs seeking to recover damages from the Exxon Valdez oil spill, suffered economically                            
11 as a result of the oil spill and, as a result, lost the opportunity to establish retirement plans or                    
12 were limited in their ability to save for retirement; and                                                               
13      WHEREAS these Alaskans would benefit from the contributions to retirement                                        
14 accounts they could make by using money received from the award of damages; and                                         
15      WHEREAS H.R. 2419, sec. 12801, would benefit these commercial fishermen by                                       
16 authorizing increases in the deductions and income caps applicable to traditional individual                            
01 retirement accounts, Roth IRAs, and other qualified retirement plans to the extent of the                               
02 amount of the damage award; and                                                                                         
03      WHEREAS the bill would authorize individual plaintiffs to average income from the                                
04 award for tax purposes over the period January 1, 1994, through the end of the year in which                            
05 the award is made;                                                                                                      
06      BE IT RESOLVED that the Alaska State Legislature urges the United States                                         
07 Congress to enact H.R. 2419, sec. 12801, to provide relief to those individuals who suffered                            
08 economic damages as a result of the Exxon Valdez oil spill.                                                             
09      COPIES of this resolution shall be sent to the Honorable Ted Stevens and the                                     
10 Honorable Lisa Murkowski, U.S. Senators, and the Honorable Don Young, U.S.                                              
11 Representative, members of the Alaska delegation in Congress; the Honorable Dave Reichert,                              
12 U.S. Representative for the 8th District of Washington; and to all members of the 110th                                 
13 United States Congress.