Juneau -- Alaska Senator's Ted Stevens and Frank Murkowski have introduced a bill S. 2203, the Fair Tax Treatment for Fishermen Act of 2000, according to Representative Alan Austerman (R-Kodiak).

This bill allows fishermen to average their income over a two-year period to help offset bad income years. Income averaging was eliminated in the passage of the 1986 tax reform act. In 1997 it was reinstated for farmers, and now fishermen are given the same provisions as those occupations whose livelihoods rely on unpredictable natural causes.

"Fishermen are the farmers of the sea, and they should be treated as such under the tax code," said Senator Stevens. "Just as farmers cannot predict the weather, fishermen are unable to predict how large or small their catch will be. Income averaging is fair for farmers and is equally justified for fishermen," said Senator Murkowski.

This bill would also allow fishermen to establish a risk management savings account to help them through years of poor fish returns. This legislation now heads to the U.S. Senate Finance Committee for review.

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