118 HR 9326 IH: Protecting American Investment in Shipbuilding Act of 2024 U.S. House of Representatives 2024-08-09 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I118th CONGRESS2d SessionH. R. 9326IN THE HOUSE OF REPRESENTATIVESAugust 9, 2024Mr. Higgins of Louisiana introduced the following bill; which was referred to the Committee on Armed ServicesA BILLTo require United States shipyards to repay Federal financial assistance if they are sold to foreign persons, to prohibit the use of Federal funds for capital improvements at foreign-owned shipyards, and for other purposes.
1.
Short title
This Act may be cited as the Protecting American Investment in Shipbuilding Act of 2024.
2.
Repayment of Federal financial assistance by shipyards purchased by foreign persons
(a)
In general
With respect to a United States shipyard that has received Federal financial assistance, if the shipyard becomes majority-owned or controlled by foreign persons or entities, the shipyard shall immediately pay to the Secretary of the Treasury, for deposit in the general fund, an amount equal to all Federal financial assistance previously received by the shipyard.(b)
Rulemaking
The Secretary of the Treasury shall issue such rules as may be necessary to carry out this section.(c)
Definitions
In this section:(1)
Federal financial assistance
The term Federal financial assistance means any type of financial assistance (including grants, financing, tax credits, or otherwise) provided under any Federal program, including—(A)title III of the Defense Production Act of 1950; or(B)the CARES Act or any amendment made by the CARES Act.(2)
United States shipyard
The term United States shipyard means a shipyard that is majority-owned by United States persons.
3.
Prohibition on using Federal funds for capital improvements for shipyards not wholly-owned by United States persons
Notwithstanding any other provision of law, a shipyard that is not wholly-owned by United States persons may not use Federal funds for capital improvements.