S. 1495Senate110th Congress (2007-2009)In Committee

A bill to amend the Internal Revenue Code of 1986 to modify the application of the tonnage tax on vessels operating in the dual United States domestic and foreign trades, and for other purposes.

Introduced May 24, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6865)

May 24, 2007

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SenateIntro Referral

Introduced in Senate

May 24, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S6864-6865)

May 24, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6865)

May 24, 2007

Floor Debate

23 members

What members said about S. 1495 on the floor

8 Republicans15 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · May 24, 2007

Mr. President, today I am pleased to introduce the North Bay Water Reuse Program Act of 2007, together with my colleague Senator Boxer. This legislation authorizes Federal participation in a regional…

Benjamin L. Cardin
Sen. Benjamin L. CardinD-MD · May 24, 2007

Mr. President, for the sake of our security, economy and environment, America needs a comprehensive energy policy that is independent of foreign energy sources and weans America off of fossil fuels.…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · May 24, 2007

Mr. President, broadband communications are quickly becoming the great economic engine of our time. Broadband deployment drives opportunities for business, education, and healthcare. It provides…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · May 24, 2007

Mr. President, I come to the floor today to speak about a very important, and timely issue, for constituents all along the Gulf Coast, as well as coastal residents along the Atlantic seaboard, the…

Jack Reed
Sen. Jack ReedD-RI · May 24, 2007

Mr. President, I introduce, along with Senators Allard, Mikulski, Bond, Durbin, Collins, Schumer, Akaka, Clinton, Whitehouse, Levin, Brown, and Boxer, the Community Partnership to End Homelessness…

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Gordon H. Smith
Sen. Gordon H. SmithR-OR · May 24, 2007

Mr. President, today, I rise with my colleagues Senator Dodd and Senator Reed to introduce an important bill for our youth, the Garrett Lee Smith Memorial Act Reauthorization of 2007. Nearly 3 years…

James M. Inhofe
Sen. James M. InhofeR-OK · May 24, 2007

Mr. President, today I rise to introduce the Gas Petroleum Refiner Improvement and Community Empowerment Act or Gas PRICE Act. While chairman of the Committee on Environment and Public Works, I…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · May 24, 2007

Mr. President, I rise today to reintroduce a piece of legislation that Senator Voinovich and I have been working on for over a year now. The Federal Employees Electronic Personal Health Records Act…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · May 24, 2007

Mr. President, today I am introducing with my good friend from Pennsylvania, Senator Specter, an innovative bill that will help the lives of domestic violence victims. Sadly, domestic violence…

John E. Sununu
Sen. John E. SununuR-NH · May 24, 2007

Mr. President, I rise today to reintroduce legislation that will bring our Nation's insurance regulatory system into the 21st century by providing uniformity, predictability, and greater efficiency…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · May 24, 2007

Mr. President, I rise today with my colleague, Senator Dorgan, to introduce a bill to reauthorize and expand two very important public health programs created by the Balanced Budget Act of 1997; The…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · May 24, 2007

Mr. President, I am pleased to introduce bipartisan legislation today along with my distinguished colleague, Senator Olympia Snowe, known as the State Child Well-Being Research Act of 2007. This bill…

Tom Harkin
Sen. Tom HarkinD-IA · May 24, 2007

Mr. President, throughout my time in the United States Congress, I have worked with my colleagues to promote the economic security of low-income and working American families. In many respects, we…

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Ron Wyden
Sen. Ron WydenD-OR · May 24, 2007

Mr. President, I am pleased to be joined today by all Members of the Senate from the Northwest: Senator Gordon Smith, Senator Larry Craig, Senator Patty Murray, Senator Maria Cantwell, Senator Jon…

Michael B. Enzi
Sen. Michael B. EnziR-WY · May 24, 2007

Mr. President, I rise to discuss a bill that I will introduce today with Senator Baucus--the Fair and Reliable Medical Justice Act of 2007. This legislation recognizes the current disrepair of our…

Max Baucus
Sen. Max BaucusD-MT · May 24, 2007

Mr. President, for years, Congress has not been able to answer the question, ``What can be done about rising medical malpractice insurance premiums?'' Today, Senator Enzi and I begin a process we…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · May 24, 2007

Mr. President, I rise to speak on a bill I am introducing with my colleagues, Senator Smith and Senator Reed. The bill is a reauthorization of the Garrett Lee Smith Memorial Act, a landmark…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · May 24, 2007

Mr. President, foreign registered ships now carry 97 percent of the imports and exports moving in the U.S. international trade. These foreign vessels are held to lower standards than U.S. registered…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · May 24, 2007

Mr. President, I rise to commend our colleagues, Senators Gregg, Burr, and Coburn, for their introduction today of the Affordable Biologics for Consumers Act, S. 1505. As my colleagues are aware, I…

Ted Stevens
Sen. Ted StevensR-AK · May 24, 2007

Mr. President, I join my colleagues Senator Carper, Snowe, Lieberman, Murkowski, and Landrieu in introducing two important domestic energy bills. The Senate has an opportunity to save consumers $15…

Bill Nelson
Sen. Bill NelsonD-FL · May 24, 2007

Mr. President, over the last several years, hundreds of Americans have died from inhaling the poisonous carbon monoxide emitted by portable, gas-powered generators. It is well past time for Congress…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · May 24, 2007

Mr. President, I rise today to introduce legislation that would increase protections for the Nation's beaches and the public. This bill, the Beach Protection Act, will amend the sections of the Clean…

Chuck Grassley
Sen. Chuck GrassleyR-IA · May 24, 2007

Mr. President, I am pleased to join my colleague from Montana, Senator Baucus in introducing the Access to Medicare Data Act of 2007. This legislation is based on S. 3897, the Medicare Data Access…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · May 24, 2007

Mr. President, today I introduce legislation that will create opportunities in the development and use of marine and hydrokinetic renewable energy technologies. I want to thank my colleagues Senator…

Bill Text

Latest available legislative text

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Introduced in SenateIssued May 24, 2007

II

110th CONGRESS

1st Session

S. 1495

IN THE SENATE OF THE UNITED STATES

May 24, 2007

Mr. Inouye (for himself and Mr. Wyden) 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 modify the application of the tonnage tax on vessels operating in the dual United States domestic and foreign trades, and for other purposes.

1.

Modification of the application of the tonnage tax on vessels operating in the dual United States domestic and foreign trades

(a)

In general

Subsection (f) of section 1355 of the Internal Revenue Code of 1986 (relating to definitions and special rules) is amended to read as follows:

(f)

Effect of operating a qualifying vessel in the dual United States domestic and foreign trades

For purposes of this subchapter—

(1)

an electing corporation shall be treated as continuing to use a qualifying vessel in the United States foreign trade during any period of use in the United States domestic trade, and

(2)

gross income from such United States domestic trade shall not be excluded under section 1357(a), but shall not be taken into account for purposes of section 1353(b)(1)(B) or for purposes of section 1356 in connection with the application of section 1357 or 1358.

.

(b)

Regulatory authority for allocation of credits, income, and deductions

Section 1358 of the Internal Revenue Code of 1986 (relating to allocation of credits, income, and deductions) is amended—

(1)

by striking in accordance with this subsection in subsection (c) and inserting to the extent provided in such regulations as may be prescribed by the Secretary, and

(2)

by adding at the end the following new subsection:

(d)

Regulations

The Secretary shall prescribe regulations consistent with the provisions of this subchapter for the purpose of allocating gross income, deductions, and credits between or among qualifying shipping activities and other activities of a taxpayer.

.

(c)

Conforming amendments

(1)

Section 1355(a)(4) of the Internal Revenue Code of 1986 is amended by striking exclusively.

(2)

Section 1355(b)(1)(B) of such Code is amended by striking as a qualifying vessel and inserting in the transportation of goods or passengers.

(d)

Effective date

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