A bill to amend the Internal Revenue Code of 1954 to provide that, in the case of certain vessels documented under the laws of the United States, the deduction for depreciation may be computed using a useful life of 1 year, and for other purposes.

Amends the Internal Revenue Code to allow a taxpayer to compute the depreciation deduction for a vessel documented under U.S. laws and operated in the foreign international, domestic commerce of the United States by using a useful life of one year.