All American Cruise Act of 2000

Summary

All American Cruise Act of 2000 - 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.

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Timeline

1. 16 May 2000

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 16 May 2000

   Introduced

   Sponsor introductory remarks on measure. (CR S4015-4016)

   Source: IntroReferral

3. 16 May 2000

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 16 May 2000 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 May 2000

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 May 2000

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 16 May 2000

  Open at official source

Sponsors

• Rep. Snowe, Olympia J. [R-ME-2] · R · Sponsor
• · ssfi00 · Standing

Related records

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