H.R.5274 - Boating Safety Tax Incentive Act109th Congress (2005-2006)
|Sponsor:||Rep. Sweeney, John E. [R-NY-20] (Introduced 05/02/2006)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/02/2006 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.5274 — 109th Congress (2005-2006)All Information (Except Text)
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Introduced in House (05/02/2006)
[Congressional Bills 109th Congress] [From the U.S. Government Publishing Office] [H.R. 5274 Introduced in House (IH)] 109th CONGRESS 2d Session H. R. 5274 To amend the Internal Revenue Code of 1986 to provide a deduction for the provision of boating safety equipment. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 2, 2006 Mr. Sweeney 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 provide a deduction for the provision of boating safety equipment. 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 ``Boating Safety Tax Incentive Act.'' SEC. 2. DEDUCTION FOR BOATING SAFETY EQUIPMENT. (a) In General.--Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended at the end of the following new section: ``SEC. 199A. BOATING SAFETY EQUIPMENT. ``(a) Allowance of Deduction.--There is allowed a deduction for the provision without charge of qualified boating safety equipment by a boat manufacturer to purchasers of eligible boats. ``(b) Amount of Deduction.--The deduction under subsection (a) shall be the lesser of the fair market value of the qualified boating safety equipment determined by the retail price of such equipment, or twice of the boat manufacturer's basis or cost of such qualified boating safety equipment. ``(c) Definitions.--For the purposes of this section: ``(1) Qualified boating safety equipment.--The term `qualified boat safety equipment' means-- ``(A) United States Coast Guard approved personal flotation devices, except for Type IV or throwable personal flotation devices; and ``(B) Category I or Category II 406 MHZ emergency position indicating radio beacons. ``(2) Eligible boats.--The term `eligible boats' means-- ``(A) any new recreational boats; and ``(B) any `small passenger vessel' as that term is described in 46 U.S.C. 2101 carrying not more than 250 passengers; and ``(C) any `uninspected passenger vessel' as that term is described in 46 U.S.C. 2101.'' (b) Effective Date.--The amendments made by this section shall apply to qualified boat safety equipment provided after January 1, 2007. <all>