A bill to amend the Internal Revenue Code of 1954 to clarify that the investment tax credit is allowed for property subject to 46 U.S.C. 1177.

Provides that there shall not be a reduction in the investment tax credit under the Internal Revenue Code for vessels in the case where any deposit in or qualified withdrawal from a capital construction fund established under the Merchant Marine Act is made, or there is any reduction in the base required under such Act.