All American Cruise Act of 1999

Summary

All American Cruise Act of 1999 - Title I: Tax Incentives for Cruise Ship Construction and Operation - Amends the Internal Revenue Code to: (1) permit contractors building certain cruise ships to use the completed contract method of accounting; (2) exclude from the gross income of a corporation 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 requirements concerning the deduction for business expenses on cruise ships; and (6) allow a credit for the use of clean-burning engines on U.S. cruise ships. Title II: Capital Construction Funds for Passenger Vessel Construction - Amends the Merchant Marine Act, 1936 to, among other things: (1) add passenger vessels in the oceangoing domestic trade to the list of vessels for which a capital construction fund may be established; (2) redefine "eligible vessel" and "qualified vessel;" and (3) define "foreign commerce", "foreign trade," "passenger vessel," and "oceangoing domestic trade." Amends Internal Revenue Code provisions concerning tax incentives relating to merchant marine capital construction funds to, among other things, deem withdrawals qualified if they are for payments that reduce the principal of a qualified lease of a qualified vessel. Title III: Domestic Cruise Industry Phase-In - Permits the issuance of a temporary certificate of documentation to certain foreign-built cruise ships. Sets forth provisions concerning permit exclusions, expiration, and revocation.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 November 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 November 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 November 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.