A bill to amend section 40(b) of the Merchant Marine Act of 1970.

Makes the restriction of the Merchant Marine Act of 1936 against taking into account for subsidy accounting purposes any salary for personal services in excess of $25,000, inapplicable to operators whose operating differential subsidy contracts terminated within 12 months prior to October 21, 1970. (Amends 46 U.S.C. 1173 ut)