Bill > S1536

This bill aims to strengthen the United States maritime industry through a comprehensive set of tax incentives and policy changes. The bill creates a United States Vessel Investment credit that provides tax benefits (up to 40% of the investment) for constructing, repowering, or reconstructing vessels in U.S. shipyards, with additional incentives for using U.S.-based insurance and classification services. The bill also includes a new shipyard investment tax credit of 25% for constructing or improving shipyard facilities within the United States. Other key provisions include excluding certain maritime security payments from gross income, removing limitations on domestic maritime operations, creating tax exemptions for student incentive payments in the maritime sector, providing fuel tax parity for maritime vessels, and establishing "maritime prosperity zones" that receive similar tax treatment to opportunity zones. The bill specifically aims to support U.S. flag vessels, discourage involvement with foreign entities of concern, and promote domestic maritime infrastructure and workforce development. These provisions are designed to enhance national defense capabilities, economic security, and competitiveness in the global maritime industry, with most provisions taking effect after December 31, 2025.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1536/all-info