H.R.3370 - Vessel Repair Enhancement Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Davis, Artur [D-AL-7] (Introduced 07/29/2009)|
|Committees:||House - Ways and Means; Transportation and Infrastructure|
|Latest Action:||07/30/2009 Referred to the Subcommittee on Coast Guard and Maritime Transportation. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3370 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (07/29/2009)
Vessel Repair Enhancement Act of 2009 - Expands, for capital construction fund provisions, the definition of "qualified vessel" to include: (1) a vessel documented under U.S. laws and maintained or repaired in a privately owned shipyard in the United States; and (2) any floating dry dock and related shipyard infrastructure (including marine railways) located in the United States and used to build, maintain, or repair U.S.-documented vessels.
Amends federal merchant marine law and the Internal Revenue Code to: (1) allow capital construction funds to be used for maintenance or repair of vessels documented under the laws of the United States; (2) establish the order of withdrawal for purposes of the tax treatment of qualified withdrawals from such funds; and (3) disallow a basis reduction for maintenance or repair withdrawals.