S. 687Senate110th Congress (2007-2009)In Committee

Commercial Fishermen Safety Act of 2007

Introduced February 27, 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 S2275-2276)

February 27, 2007

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SenateIntro Referral

Introduced in Senate

February 27, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2275)

February 27, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2275-2276)

February 27, 2007

Floor Debate

10 members

What members said about S. 687 on the floor

4 Republicans6 Democrats
Max Baucus
Sen. Max BaucusD-MT · Feb 27, 2007

Mr. President, energy is once again one of the top two or three domestic issues facing the Congress this year. Prices for gasoline, heating oil, electricity, and natural gas have soared in recent…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Feb 27, 2007

Mr. President, today I am pleased to be joined by the Senator from Maine, Ms. Collins, in introducing the reauthorization of the Automated Defibrillators in Adam's Memory Act, or the ADAM Act. This…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Feb 27, 2007

Mr. President, I come to the floor today to highlight the ongoing needs of our small businesses and homeowners in the gulf coast who were devastated by Hurricanes Katrina and Rita. In Louisiana…

Arlen Specter
Sen. Arlen SpecterR-PA · Feb 27, 2007

Mr. President, I have sought recognition to introduce legislation along with my colleague from Pennsylvania, Senator Casey, that will honor the importance of the steel industry in the Commonwealth of…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Feb 27, 2007

Mr. President, on behalf of myself and Senator Lincoln, I rise today to introduce the ``Good Samaritan Hunger Relief Tax Incentive Extension Act of 2007''. This important legislation extends and…

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Susan M. Collins
Sen. Susan M. CollinsR-ME · Feb 27, 2007

Mr. President, I rise today to introduce the Commercial Fishermen Safety Act of 2007, 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 · Feb 27, 2007

Mr. President, I rise today to introduce the Commercial Fishermen Safety Act of 2007, a bill to help fishermen purchase the life-saving safety equipment they need to survive when disaster strikes. I…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Feb 27, 2007

Mr. President, as you may know, Turkey invaded the northern area of the Republic of Cyprus in the summer of 1974. At that time, less than 20 percent of the private real property in this area was…

Kent Conrad
Sen. Kent ConradD-ND · Feb 27, 2007

Mr. President, today I am pleased to introduce the Kidney Care Quality and Education Act. For the over 400,000 Americans living with kidney disease, the time has come to modernize and improve the…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Feb 27, 2007

Mr. President, today I am reintroducing with my colleague Senator Sununu The Cameron Gulbransen Kids and Cars Safety Act, a bill to improve the child safety features in new vehicles. While we hear a…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Feb 27, 2007

Mr. President, today I am introducing the Veterans' Survivor Education Enhancement Act. This legislation would expand education benefits for the survivors and dependents of fallen servicemembers.…

Bill Text

Latest available legislative text

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Introduced in SenateIssued February 27, 2007

II

110th CONGRESS

1st Session

S. 687

IN THE SENATE OF THE UNITED STATES

February 27, 2007

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 2007.

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:

45O.

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 (30), by striking the period at the end of paragraph (31) and inserting , plus, and by adding at the end the following new paragraph:

(32)

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

.

(2)

Subsection (a) of section 1016 of such Code is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and, and by adding at the end the following new paragraph:

(38)

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