S. 1473Senate109th Congress (2005-2007)In Committee

Commercial Fishermen Safety Act of 2005

Introduced July 22, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

July 22, 2005

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SenateIntro Referral

Introduced in Senate

July 22, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S8752)

July 22, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance.

July 22, 2005

Floor Debate

3 members

What members said about S. 1473 on the floor

1 Republican2 Democrats
Susan M. Collins
Sen. Susan M. CollinsR-ME · Jul 22, 2005

Mr. President, I rise today to introduce The Commercial Fishermen Safety Act of 2005, a bill to help fishermen purchase the life-saving safety equipment they need to survive when disaster strikes. I…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jul 22, 2005

Mr. President, I rise today to introduce The Commercial Fishermen Safety Act of 2005, a bill to help fishermen purchase the life-saving safety equipment they need to survive when disaster strikes. I…

Paul S. Sarbanes
Sen. Paul S. SarbanesD-MD · Jul 22, 2005

Mr. President, today I am reintroducing legislation, together with my colleagues Senators Mikulski, Landrieu, Warner and Allen to bolster efforts to restore the Anacostia River. I spoke during the…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Jul 22, 2005

Mr. President, I rise to introduce a bill that will enhance science education for kids of all ages--including my age. This bill capitalizes upon the natural allure of our oceans and coastlines to…

Bill Text

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Introduced in SenateIssued July 22, 2005

II

109th CONGRESS

1st Session

S. 1473

IN THE SENATE OF THE UNITED STATES

July 22, 2005

Ms. Collins (for herself and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide a business credit against income for the purchase of fishing safety equipment.

1.

Short title

This Act may be cited as the Commercial Fishermen Safety Act of 2005.

2.

Credit for purchase of fishing safety equipment

(a)

In general

Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business-related credits) is amended by adding at the end the following new section:

45J.

Fishing safety equipment credit

(a)

General rule

For purposes of section 38, in the case of an eligible taxpayer, the fishing safety equipment credit determined under this section for the taxable year is 75 percent of the amount of qualified fishing safety equipment expenses paid or incurred by the taxpayer during the taxable year.

(b)

Limitation on maximum credit

The credit allowed under subsection (a) with respect to a taxpayer for the taxable year shall not exceed $1,500.

(c)

Eligible taxpayer

For purposes of this section, the term eligible taxpayer means a taxpayer engaged in a fishing business.

(d)

Definitions

For purposes of this section—

(1)

Fishing business

The term fishing business means the conduct of commercial fishing as defined in section 3 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1802).

(2)

Qualified fishing safety equipment expenses

(A)

In general

The term qualified fishing safety equipment expenses means an amount paid or incurred for fishing safety equipment for use by the taxpayer in connection with a fishing business.

(B)

Fishing safety equipment

The term fishing safety equipment means—

(i)

lifesaving equipment required to be carried by a vessel under section 4502 of title 46, United States Code, and

(ii)

any maintenance of such equipment required under such section.

(e)

Special rules

(1)

In general

Rules similar to the rules of subsections (c), (d), and (e) of section 52 shall apply for purposes of this section.

(2)

Aggregation rules

All persons treated as a single employer under subsection (a) or (b) of section 52 or subsection (m) or (o) of section 414 shall be treated as one person for purposes of subsection (a).

(f)

Denial of double benefit

No deduction shall be allowed under this chapter (other than a credit under this section) for any amount taken into account in determining the credit under this section.

(g)

Basis adjustment

For purposes of this subtitle, if a credit is allowed under this section with respect to any equipment, the basis of such equipment shall be reduced by the amount of the credit so allowed.

.

(b)

Conforming amendments

(1)

Section 38(b) of the Internal Revenue Code of 1986 (relating to general business credit) is amended by striking plus at the end of paragraph (18), by striking the period at the end of paragraph (19) and inserting , plus, and by adding at the end the following new paragraph:

(20)

the fishing safety equipment credit determined under section 45J(a).

.

(2)

Subsection (a) of section 1016 of such Code is amended by striking and at the end of paragraph (30), by striking the period at the end of paragraph (31) and inserting , and, and by adding at the end the following new paragraph:

(32)

in the case of equipment with respect to which a credit was allowed under section 45J, to the extent provided in section 45J(g).

.

(c)

Clerical amendment

The table of sections for subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:

Sec. 45J. Fishing safety equipment credit.

.

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.