[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4705 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4705

 To amend the Internal Revenue Code of 1986 to provide a nonrefundable 
credit for the purchase of emergency position-indicating radio beacons 
                     and personal locator beacons.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 3, 2016

Mr. Murphy of Florida introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide a nonrefundable 
credit for the purchase of emergency position-indicating radio beacons 
                     and personal locator beacons.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Austin and Perry Safe Boating 
Incentive Act''.

SEC. 2. CREDIT FOR LOCATOR BEACONS.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended at the end of the 
following new section:

``SEC. 25E. LOCATOR BEACONS.

    ``(a) Allowance of Credit.--In the case of an individual, there 
shall be allowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to 50 percent of the sum of the 
amount paid or accrued for--
            ``(1) a qualified emergency position-indicating radio 
        beacon, and
            ``(2) a qualified personal locator beacon.
    ``(b) Limitations.--
            ``(1) Annual limit.--The amount allowed as a credit for any 
        taxable year under subsection (a) shall not exceed $200.
            ``(2) Lifetime limit.--The aggregate amount allowed as a 
        credit for all taxable years under subsection (a) shall not 
        exceed the excess of--
                    ``(A) $500, reduced (but not below zero) by
                    ``(B) the aggregate amount allowed as a credit 
                under subsection (a) to the taxpayer for all prior 
                taxable years.
    ``(c) Definitions.--For the purposes of this section--
            ``(1) Qualified emergency position-indicating radio 
        beacon.--The term `qualified emergency position-indicating 
        radio beacon' means a device installed on an eligible boat 
        that--
                    ``(A) transmits distress signals at a frequency 
                between 406.0 and 406.1 MHz,
                    ``(B) is manufactured by a company approved to 
                manufacture beacons by the International Cospas-Sarsat 
                Programme, and
                    ``(C) is registered with the United States National 
                Oceanic and Atmospheric Administration.
            ``(2) Qualified personal locator beacon.--The term 
        `qualified personal locator beacon' means a device designed to 
        be carried by an individual that--
                    ``(A) transmits distress signals at a frequency 
                between 406.0 and 406.1 MHz,
                    ``(B) is manufactured by a company approved to 
                manufacture beacons by the International Cospas-Sarsat 
                Programme,
                    ``(C) is registered with the United States National 
                Oceanic and Atmospheric Administration, and
                    ``(D) is acquired for use in boating activities by 
                the taxpayer who owns or operates an eligible boat.
            ``(3) Eligible boats.--The term `eligible boat' means--
                    ``(A) any recreational vessel (as defined in 
                section 2101 of title 46, United States Code),
                    ``(B) any small passenger vessel (as defined in 
                section 2101 of title 46, United States Code) carrying 
                not more than 250 passengers, and
                    ``(C) any uninspected passenger vessel (as defined 
                in section 2101 of title 46, United States Code).
    ``(d) Regulations.--The Secretary shall prescribe such regulations 
or other guidance as may be necessary to carry out this section, 
including regulations relating to the installation of a qualified 
emergency position-indicating radio beacon on an eligible boat.''.
    (b) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of such Code is amended at the end 
of the following new item:

``Sec. 25E. Locator beacons.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to emergency position-indicating radio beacons installed, and 
personal locator beacons purchased, after December 31, 2015.
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