National Security Sealift Enhancement Act of 1999

Summary

National Security Sealift Enhancement Act of 1999 - Title I: Capital Construction Fund - Amends Internal Revenue Code (IRC) and Tariff Act of 1930 provisions concerning Merchant Marine capital construction funds to, among other things: (1) permit withdrawals from such funds to reduce the principal amount of a qualified lease of a qualified vessel or container which is part of the complement of an eligible vessel; and (2) permit the deposit of a duty into such a fund in lieu of payment to the Secretary of the Treasury. Title II: Election to Expense United States Flag Vessels - Permits, under the IRC, a taxpayer to elect to treat the cost of any vessel that is a qualified U. S. flag vessel as an expense which is not chargeable to its capital account. Title III: Income Exclusion for Merchant Seamen - Permits the income of certain merchant seaman to be excluded from gross income under IRC provisions permitting such exclusion for U.S. citizens or residents living abroad. Title IV: Exemption from Alternative Minimum Tax - Provides that the tentative minimum tax shall be zero for certain corporations which derive substantially all of their assets from the operation of U.S. flag vessels. Title V: Conventions on United States-Flag Cruise Ships - Eliminates the requirements that a cruise ship be U.S. registered and that all points of call be in the U.S. or its possessions in order to qualify for the deduction allowed for the attendance of a convention on a cruise ship.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 November 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 November 1999

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• Introduced in Senate

  summary · EN · 4 November 1999

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