[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5655 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5655

To amend the Internal Revenue Code of 1986 to establish tax credits for 
              personal locator beacons on certain vessels.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2023

  Ms. Perez 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 establish tax credits for 
              personal locator beacons on certain vessels.

    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 ``Bryson Fitch Fishermen Protection 
Act''.

SECTION 2. BUSINESS TAX CREDIT FOR LOCATOR BEACONS.

    (a) In General.--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 section:

``SEC. 45BB. LOCATOR BEACON CREDIT.

    ``(a) In General.--For purposes of section 38, in the case of an 
eligible commercial fishing company, the personal locator beacon credit 
determined under this section for any taxable year is an amount equal 
to 50 percent of the sum of--
            ``(1) the basis of any qualified beacon placed in service 
        by the taxpayer during such taxable year, and
            ``(2) amounts paid by the taxpayer for the maintenance of 
        any qualified beacon during such taxable year.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Qualified beacon.--
                    ``(A) In general.--The term `qualified beacon' 
                means a qualified emergency position-indicating radio 
                beacon or qualified personal locator beacon which is 
                placed in service on board a qualified vessel.
                    ``(B) Qualified emergency position-indicating radio 
                beacon.--The term `qualified emergency position-
                indicating radio beacon' means a device installed on an 
                eligible vessel that--
                            ``(i) transmits distress signals at a 
                        frequency between 406.0 and 406.1 MHz,
                            ``(ii) is manufactured by a company 
                        approved to manufacture beacons by the 
                        International Cospas-Sarsat Programme,
                            ``(iii) is registered with the United 
                        States National Oceanic and Atmospheric 
                        Administration, and
                            ``(iv) is acquired for use on commercial 
                        fishing vessels by the taxpayer who owns or 
                        operates an eligible vessel.
                    ``(C) Qualified personal locator beacon.--The term 
                `qualified personal locator beacon' means a device 
                designed to be carried by an individual that--
                            ``(i) transmits distress signals at a 
                        frequency between 406.0 and 406.1 MHz,
                            ``(ii) is manufactured by a company 
                        approved to manufacture beacons by the 
                        International Cospas-Sarsat Programme,
                            ``(iii) is registered with the United 
                        States National Oceanic and Atmospheric 
                        Administration, and
                            ``(iv) is acquired for use on commercial 
                        fishing vessels by the taxpayer who owns or 
                        operates an eligible vessel.
                    ``(D) Qualified vessel.--The term `qualified 
                vessel' means an eligible vessel which is equipped with 
                at least 1 qualified personal locator beacon for each 
                individual on board such vessel.
            ``(2) Eligible commercial fishing company.--The term 
        `eligible commercial fishing company' means a business which 
        owns or operates in the course of business any eligible vessel.
            ``(3) Eligible vessel.--The term `eligible vessel' means a 
        vessel described in paragraph (12), (13), or (14) of section 
        2101 of title 46, United States Code.
    ``(c) Termination.--This section shall not apply to taxable years 
beginning after December 31, 2028.''.
    (b) Credit To Be Part of General Business Credit.--Section 38(b) of 
such Code is amended by striking ``plus'' at the end of paragraph (40), 
by striking the period at the end of paragraph (41) and inserting ``, 
plus'', and by adding at the end the following new paragraph:
            ``(42) in the case of an eligible commercial fishing 
        company (as defined in section 45BB), the locator beacon credit 
        determined under section 45BB(a).''.
    (c) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following new item:

``Sec. 45BB. Locator beacon credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to beacons placed in service in taxable years beginning after 
December 31, 2023.

SEC. 3. PERSONAL TAX CREDIT FOR PURCHASE OF CERTAIN PERSONAL LOCATOR 
              BEACONS.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 25E the 
following new section:

``SEC. 25F. PERSONAL TAX CREDIT FOR PURCHASE OF CERTAIN PERSONAL 
              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 amounts paid 
or incurred by the taxpayer for the purchase of a qualified beacon 
during the taxable year.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Qualified beacon.--The term `qualified beacon' means 
        a beacon--
                    ``(A) described in subparagraph (B) or (C) of 
                section 45BB(b)(1) (determined without regard to 
                subparagraphs (B)(iv) or (C)(iv) thereof), and
                    ``(B) which is purchased by the taxpayer for use on 
                an eligible vessel which is not a qualified vessel.
            ``(2) Eligible vessel, qualified vessel.--The terms 
        `eligible vessel' and `qualified vessel' have the meaning given 
        such terms in section 45BB(b)(1).
    ``(c) Termination.--This section shall not apply to taxable years 
beginning after December 31, 2028.''.
    (b) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 25E the following new 
item:

``Sec. 25F. Personal tax credit for purchase of certain personal 
                            locator beacons.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2023.
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