Sec. 702. Certain payments for maritime security excluded from gross income
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Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new subsection: Gross income shall not include any payment made pursuant to— section 53106 of title 46, United States Code, section 53801 of such title, section 53206 of such title, section 53406 of such title, section 53604 of such title, section 54101 of such title, or section 54301 of such title. No deduction or credit shall be allowed for, or by reason of, any expenditure to the extent of the amount excluded under subsection
(a)for any payment which was provided with respect to such expenditure. The adjusted basis of any property shall be reduced by the amount excluded under subsection
(a)which was provided with respect to such property. . The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139I the following new item: Sec. 139J. Maritime security payments. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.