Shipping Income Reform Act of 1997

Shipping Income Reform Act of 1997 - Amends the Internal Revenue Code to exclude from the definition of foreign base company income foreign base company shipping income: (1) derived from a vessel registered in the Bahamas, Honduras, Liberia, Panama, the Marshall islands, or other countries certified by the Secretary of Transportation, if the vessel owner enters into an agreement to operate a U.S.-flag fleet for at least 320 days annually; or (2) the owner does not derive U.S.-source income and has not engaged in the carriage of any cargoes in the U.S. import or export trade for at least 320 days annually.