S. 57Senate112th Congress (2011-2013)In Committee

A bill to amend the Internal Revenue Code of 1986 to modify the application of the tonnage tax on certain vessels.

Introduced January 25, 2011

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 S172)

January 25, 2011

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SenateIntro Referral

Introduced in Senate

January 25, 2011

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S171-172)

January 25, 2011

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S172)

January 25, 2011

Floor Debate

22 members

What members said about S. 57 on the floor

5 Republicans17 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 25, 2011

Mr. President, I rise on behalf of myself and Senator Boxer to introduce legislation to establish a National Heritage Area in the California Sacramento-San Joaquin Delta. This legislation will create…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 25, 2011

Mr. President, I am pleased to introduce the Coral Reef Conservation Amendments Act, which I also introduced in the 111th Congress. This critical bill reauthorizes and strengthens the Coral Reef…

Herb Kohl
Sen. Herb KohlD-WI · Jan 25, 2011

Mr. Chairman, I rise today to introduce the Preserve Access to Affordable Generics Act. This bipartisan legislation will dramatically reduce prescription drug costs by preventing one of the most…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 25, 2011

Mr. President, the United States of America has long been the world leader in invention and innovation. That leadership has propelled our economic growth, but we cannot remain complacent while…

Maria Cantwell
Sen. Maria CantwellD-WA · Jan 25, 2011

Mr. President, I rise today to introduce legislation that will preserve the free and open Internet that has led to the growth of broadband. The broadband Internet is integral to U.S. job creation,…

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John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jan 25, 2011

Mr. President, I rise today to reintroduce the Public Safety Spectrum and Wireless Innovation Act. Radio spectrum is a tremendous resource. It can grow our economy and put innovative wireless…

Tom Harkin
Sen. Tom HarkinD-IA · Jan 25, 2011

Mr. President, the Healthy Lifestyles and Prevention America Act, also known as the HeLP America Act, will improve the health of Americans and reduce health care costs by emphasizing prevention,…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 25, 2011

Mr. President, improving public safety, growing our economy, increasing energy independence, and protecting the environment have always been among my top priorities as a Senator. Today, the very…

Sheldon Whitehouse
Sen. Sheldon WhitehouseD-RI · Jan 25, 2011

Mr. President, from the Recovery Act to the Small Business Jobs Act, in the previous Congress we passed a number of substantial pieces of legislation to preserve, protect, and create American jobs.…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 25, 2011

Mr. President, I am pleased to introduce a bill to provide permanent tax relief from the marriage penalty--the most egregious, anti-family provision in the tax code. One of my highest priorities in…

Jon Tester
Sen. Jon TesterD-MT · Jan 25, 2011

Mr. President, I rise today to introduce the Common Sense in Consumer Product Safety Act of 2011 on behalf of the folks across America who are outdoor enthusiasts and budding sportsman and women.…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 25, 2011

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

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jan 25, 2011

Mr. President, today I am introducing the American Medical Isotopes Production Act of 2011. The purpose of the bill is to provide certainty in developing a domestic supply of molybdenum-99, which is…

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Max Baucus
Sen. Max BaucusD-MT · Jan 25, 2011

Mr. President, American judge and judicial philosopher Learned Hand once wrote: ``Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 25, 2011

Mr. President, I rise to express support for the Patent Reform Act of 2011, S. 23, introduced today by Senate Judiciary Committee Chairman Patrick Leahy. Senator Leahy and I, along with a number of…

Mark Kirk
Sen. Mark KirkR-IL · Jan 25, 2011

Mr. President, today I am pleased to join with Senator Durbin to introduce the Great Lakes Water Protection Act. This bipartisan legislation would set a date certain to end sewage dumping in…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 25, 2011

Mr. President, I rise today to introduce the Helping Responsible Homeowners Act of 2011. This legislation will eliminate barriers that have prevented millions of borrowers who continue to make their…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 25, 2011

Mr. President, today I am introducing the Great Lakes Water Protection Act with my colleague, Senator Mark Kirk. We face many challenges in protecting the Great Lakes--from contaminated sediment to…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jan 25, 2011

Mr. President, Senator Baucus and I first introduced a bill to ban patents for tax inventions in the 110th Congress. Since then, we have worked with the leaders of the Judiciary Committee, the Patent…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 25, 2011

Mr. President, today, I introduced legislation to protect the coastal plains region of the Arctic National Wildlife Refuge from oil and gas exploration and drilling. Every Congress since the 101st, I…

Harry Reid
Sen. Harry ReidD-NV · Jan 25, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Jeanne Shaheen
Sen. Jeanne ShaheenD-NH · Jan 25, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Al  Franken
Sen. Al Franken D-MN · Jan 25, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 25, 2011

II

112th CONGRESS

1st Session

S. 57

IN THE SENATE OF THE UNITED STATES

January 25 (legislative day, January 5), 2011

Mr. Inouye 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 certain vessels.

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.

(3)

Section 1355 of such Code is amended—

(A)

by striking subsection (g), and

(B)

by redesignating subsection (h) as subsection (g).

(d)

Effective date

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