A 45-page bill to restructure the Alaska Marine Highway System as a state-owned corporation, run by an appointed board of directors, similar to the Alaska Railroad, is going to take longer than one legislative session to review, amend and adopt — if even then.

“This is going to take a big lift,” said Robert Venables, executive director of the Southeast Conference, an economic and community development nonprofit for the region that supports the concept of a ferry corporation.

“This is aspirational,” he said Feb. 23, a day after the Senate Transportation Committee held its second he...