[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5655 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 5655
To amend the Internal Revenue Code of 1986 to establish tax credits for
personal locator beacons on certain vessels.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 21, 2023
Ms. Perez introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to establish tax credits for
personal locator beacons on certain vessels.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bryson Fitch Fishermen Protection
Act''.
SECTION 2. BUSINESS TAX CREDIT FOR LOCATOR BEACONS.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:
``SEC. 45BB. LOCATOR BEACON CREDIT.
``(a) In General.--For purposes of section 38, in the case of an
eligible commercial fishing company, the personal locator beacon credit
determined under this section for any taxable year is an amount equal
to 50 percent of the sum of--
``(1) the basis of any qualified beacon placed in service
by the taxpayer during such taxable year, and
``(2) amounts paid by the taxpayer for the maintenance of
any qualified beacon during such taxable year.
``(b) Definitions.--For purposes of this section--
``(1) Qualified beacon.--
``(A) In general.--The term `qualified beacon'
means a qualified emergency position-indicating radio
beacon or qualified personal locator beacon which is
placed in service on board a qualified vessel.
``(B) Qualified emergency position-indicating radio
beacon.--The term `qualified emergency position-
indicating radio beacon' means a device installed on an
eligible vessel that--
``(i) transmits distress signals at a
frequency between 406.0 and 406.1 MHz,
``(ii) is manufactured by a company
approved to manufacture beacons by the
International Cospas-Sarsat Programme,
``(iii) is registered with the United
States National Oceanic and Atmospheric
Administration, and
``(iv) is acquired for use on commercial
fishing vessels by the taxpayer who owns or
operates an eligible vessel.
``(C) Qualified personal locator beacon.--The term
`qualified personal locator beacon' means a device
designed to be carried by an individual that--
``(i) transmits distress signals at a
frequency between 406.0 and 406.1 MHz,
``(ii) is manufactured by a company
approved to manufacture beacons by the
International Cospas-Sarsat Programme,
``(iii) is registered with the United
States National Oceanic and Atmospheric
Administration, and
``(iv) is acquired for use on commercial
fishing vessels by the taxpayer who owns or
operates an eligible vessel.
``(D) Qualified vessel.--The term `qualified
vessel' means an eligible vessel which is equipped with
at least 1 qualified personal locator beacon for each
individual on board such vessel.
``(2) Eligible commercial fishing company.--The term
`eligible commercial fishing company' means a business which
owns or operates in the course of business any eligible vessel.
``(3) Eligible vessel.--The term `eligible vessel' means a
vessel described in paragraph (12), (13), or (14) of section
2101 of title 46, United States Code.
``(c) Termination.--This section shall not apply to taxable years
beginning after December 31, 2028.''.
(b) Credit To Be Part of General Business Credit.--Section 38(b) of
such Code is amended by striking ``plus'' at the end of paragraph (40),
by striking the period at the end of paragraph (41) and inserting ``,
plus'', and by adding at the end the following new paragraph:
``(42) in the case of an eligible commercial fishing
company (as defined in section 45BB), the locator beacon credit
determined under section 45BB(a).''.
(c) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:
``Sec. 45BB. Locator beacon credit.''.
(d) Effective Date.--The amendments made by this section shall
apply to beacons placed in service in taxable years beginning after
December 31, 2023.
SEC. 3. PERSONAL TAX CREDIT FOR PURCHASE OF CERTAIN PERSONAL LOCATOR
BEACONS.
(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25E the
following new section:
``SEC. 25F. PERSONAL TAX CREDIT FOR PURCHASE OF CERTAIN PERSONAL
LOCATOR BEACONS.
``(a) Allowance of Credit.--In the case of an individual, there
shall be allowed as a credit against the tax imposed by this chapter
for the taxable year an amount equal to 50 percent of the amounts paid
or incurred by the taxpayer for the purchase of a qualified beacon
during the taxable year.
``(b) Definitions.--For purposes of this section--
``(1) Qualified beacon.--The term `qualified beacon' means
a beacon--
``(A) described in subparagraph (B) or (C) of
section 45BB(b)(1) (determined without regard to
subparagraphs (B)(iv) or (C)(iv) thereof), and
``(B) which is purchased by the taxpayer for use on
an eligible vessel which is not a qualified vessel.
``(2) Eligible vessel, qualified vessel.--The terms
`eligible vessel' and `qualified vessel' have the meaning given
such terms in section 45BB(b)(1).
``(c) Termination.--This section shall not apply to taxable years
beginning after December 31, 2028.''.
(b) Clerical Amendment.--The table of sections for subpart A of
part IV of subchapter A of chapter 1 of such Code is amended by
inserting after the item relating to section 25E the following new
item:
``Sec. 25F. Personal tax credit for purchase of certain personal
locator beacons.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2023.
<all>