FAMILY FISHERMEN.

SEC. 1007. FAMILY FISHERMEN.(a) Definitions.—Section 101 of title 11, United States Code, is amended—(1) by inserting after paragraph (7) the following:“(7A) ‘commercial fishing operation’ means—“(A) the catching or harvesting of fish, shrimp, lobsters, urchins, seaweed, shellfish, or other aquatic species or products of such species; or“(B) for purposes of section 109 and chapter 12, aquaculture activities consisting of raising for market any species or product described in subparagraph (A);“(7B) ‘commercial fishing vessel’ means a vessel used by a family fisherman to carry out a commercial fishing operation;”; and(2) by inserting after paragraph (19) the following:“(19A) ‘family fisherman’ means—“(A) an individual or individual and spouse engaged in a commercial fishing operation—“(i) whose aggregate debts do not exceed $1,500,000 and not less than 80 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse, unless such debt arises out of a commercial fishing operation), on the date the case is filed, arise out of a commercial fishing operation 119 STAT. 188 owned or operated by such individual or such individual and spouse; and “(ii) who receive from such commercial fishing operation more than 50 percent of such individual’s or such individual’s and spouse’s gross income for the taxable year preceding the taxable year in which the case concerning such individual or such individual and spouse was filed; or“(B) a corporation or partnership—“(i) in which more than 50 percent of the outstanding stock or equity is held by—“(I) 1 family that conducts the commercial fishing operation; or “(II) 1 family and the relatives of the members of such family, and such family or such relatives conduct the commercial fishing operation; and“(ii)(I) more than 80 percent of the value of its assets consists of assets related to the commercial fishing operation;“(II) its aggregate debts do not exceed $1,500,000 and not less than 80 percent of its aggregate noncontingent, liquidated debts (excluding a debt for 1 dwelling which is owned by such corporation or partnership and which a shareholder or partner maintains as a principal residence, unless such debt arises out of a commercial fishing operation), on the date the case is filed, arise out of a commercial fishing operation owned or operated by such corporation or such partnership; and“(III) if such corporation issues stock, such stock is not publicly traded;“(19B) ‘family fisherman with regular annual income’ means a family fisherman whose annual income is sufficiently stable and regular to enable such family fisherman to make payments under a plan under chapter 12 of this title;”.(b) Who May Be a Debtor.—Section 109(f) of title 11, United States Code, is amended by inserting “or family fisherman” after “family farmer”.(c) Chapter 12.—Chapter 12 of title 11, United States Code, is amended—(1) in the chapter heading, by inserting “OR FISHERMAN” after “FAMILY FARMER”;(2) in section 1203, by inserting “or commercial fishing operation” after “farm”; and(3) in section 1206, by striking “if the property is farmland or farm equipment” and inserting “if the property is farmland, farm equipment, or property used to carry out a commercial fishing operation (including a commercial fishing vessel)”.(d) Clerical Amendment.—In the table of chapters for title 11, United States Code, the item relating to chapter 12, is amended to read as follows: “12. Adjustments of Debts of a Family Farmer or Family Fisherman with Regular Annual Income 1201”. (e) Applicability.—Nothing in this section shall change, affect, or amend the Fishery Conservation and Management Act of 1976 (16 U.S.C. 1801 et seq.).119 STAT. 189