Amends the Merchant Marine Act, 1936, to authorize the Secretary of Commerce to make construction-differential subsidies available to United States built or documented vessels for replacement or upgrading of such vessels' existing propulsion machinery in order to improve energy efficiency. Establishes guidelines for the approval of such subsidies.
Sets forth procedures for the negotiation, acceptance, and payment of such subsidies by the Secretary.
Requires replacement propulsion equipment to be of United States origin except under specified circumstances.
Classifies such upgraded vessel as "new" or "reconstructed" for specified purposes of such Act. Reduces the age of such vessel by ten years for purposes of the obligation to replace it under any operating- differential subsidy and capital construction fund contract or program.
Introduced in House
Introduced in House
Referred to House Committee on Merchant Marine and Fisheries.
Executive Comment Requested from Commerce.
Referred to Subcommittee on Merchant Marine.
Executive Comment Received From Commerce.
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