A bill to amend the Internal Revenue Code of 1954 to allow the deduction for depreciation to be computed using a useful life of 1 or more years in the case of vessels constructed in, and documented under the laws of, the United States and 5 or more years in the case of other vessels documented under the laws of the United States, and for other purposes.
United States Flag Ship Fair Competition Tax Act of 1981 - Amends the Internal Revenue Code to permit accelerated depreciation for vessels documented under the laws of the United States. Provides a useful life of one or more years for vessels constructed in the United States and a useful life of five or more years for foreign-built vessels.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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