Congress 107 - S 222 - All American Cruise Act of 2001

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Topics

Accounting Air pollution control Business income tax Buy American Capital gains tax Commerce Construction costs Contracts Corporation taxes Costs Depreciation and amortization Energy Energy tax credits Environmental Protection Expense accounts Finance and Financial Sector Foreign Trade and International Finance Fuel Income tax Interest Law Leases Licenses Marine engines Passenger ships Shipbuilding Shipbuilding subsidies Sulphur Tax administration Tax credits Tax deductions Tax exclusion Tax rates Taxation Transportation and Public Works

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Summary

All American Cruise Act of 2001 - Amends the Internal Revenue Code to: (1) permit contractors building certain cruise ships to use the completed contract method of accounting; (2) exclude from a corporation's gross income amounts derived from the operation of a U.S. built and documented cruise ship; (3) allow a cruise ship construction credit; (4) classify a cruise ship as seven-year property under the accelerated cost recovery system; (5) revise deduction requirements for certain cruise ship business expenses; and (6) allow a credit for the use of clean-burning engines on U.S. cruise ships.

Amends the Merchant Marine Act, 1936 to add passenger vessels in the oceangoing domestic trade to the list of vessels for which a capital construction fund may be established.

Amends the Internal Revenue Code respecting tax incentives relating to merchant marine capital construction funds, including: (1) qualified withdrawals for payments that reduce the principal of a qualified lease of a qualified vessel; (2) prior year deposits based on audit adjustments; (3) capital gains and losses; and (4) interest computation on nonqualified withdrawals.

Actions

Jan 31, 2001

Read twice and referred to the Committee on Finance.
Jan 31, 2001

Sponsor introductory remarks on measure. (CR S915)
Jan 31, 2001

Introduced in Senate

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