Sec. 706. Qualifying vessel
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/bill/118/s/5611/is/section-706A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1355(a) of the Internal Revenue Code of 1986 is amended— by striking paragraph
(4)and inserting the following: The term qualifying vessel means a vessel which is— self-propelled (or a combination self-propelled and non-self-propelled), a United States flag vessel or a United States-owned foreign flag vessel, not less than 6,000 deadweight tons, and used exclusively in the United States foreign trade during the period that the election under this subchapter is in effect. , and by adding at the end the following: The term United States-owned foreign flag vessel means any vessel which— is documented under the laws of a country (other than the United States) or a foreign registry which is not a foreign country of concern (as defined by section 4 of the SHIPS for America Act of 2024 ), is owned by a person which— is a citizen of the United States (as determined under section 50501 of title 46, United States Code), or is controlled (within the meaning of section 954(d)(3)) by a citizen of the United States (as so determined), and owns a fleet of United States flag vessels, and has in effect a Voluntary Intermodal Sealift Agreement or Voluntary Tanker Agreement with the Maritime Administrator. .