1032
PUBLIC LAW 91-469-OCT. 21, 1970
[84 STAT.
Any vessel which (i) was constructed outside of the United States but documented under the laws of the United States on April 15, 1970, or (ii) constructed outside the United States for use in the United States foreign trade pursuant to a contract entered into before April 15, 1970, shall be treated as satisfying the requirements of subl)aragraph (A) of this paragraph and the requirements of subparagraph (A) of paragraph (2). "Qualified " (2) The term 'qualified vessel' means any vessel— vessel." " (A) constructed in the United States and, if reconstructed, reconstructed in the United States, " (B) documented under the laws of the United States, and " (C) which the person maintaining the fund agrees with the Secretary of Commerce will be operated in the United States foreign. Great Lakes, or noncontiguous domestic trade or in the fisheries of the United States. "Agreement " (S) The term 'agreement vessel' means any eligible vessel or qualvessel." ified vessel which is subject to an agreement entered into under this section. "United States. " " (4) The term 'United States', when used in a geographical sense, means the continental United States including Alaska, Hawaii, and Puerto Rico. "United States "(5) The term 'United States foreign trade' includes (but is not foreign trade." limited to) those areas in domestic trade in which a vessel built with construction-differential subsidy is permitted to operate under the first 52 Stat. 958. sentence of section 506 of this Act. 46 USC 1156. "(6) The term 'joint regulations' means regulations prescribed "Joint regulations." under subsection (1). "Vessel." "(7) The term 'vessel' includes cargo handling equipment which the Secretary of Commerce determines is intended for use primarily on the vessel. The term 'vessel' also includes an ocean-going towing vessel or an ocean-going barge or comparable towing vessel or barge operated on the Great Lakes. "Noncontiguous "(8) The term 'noncontiguous trade' means (i) trade between the trade," contiguous forty-eight States on the one hand and Alaska, Hawaii, Puerto Rico and the insular territories and possessions of the United States on the other hand, and (ii) trade between Alaska, Hawaii, and Puerto Rico and such territories and possessions and (iii) trade between the islands of Hawaii. "(1) Records; Reports; Changes in Regulations. "Each person maintaining a fund under this section shall keep such records and shall make such reports as the Secretary of Commerce or the Secretary of the Treasury shall require. The Secretary of the Treasury and the Secretary of Commerce shall jointly prescribe all rules and regulations, not inconsistent with the foregoing provisions of this section, as may be necessary or appropriate to the determination of tax liability under this section. If, after an agreement has been entered into under this section, a change is made either in the joint regulations or in the regulations prescribed by the Secretan^ of Commerce under this section which could have a substantial effect on the rights or obligations of any person maintaining a fund under this section, such person may terminate such agreement." Effective date. (b) The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1969. 53 Stat. 1186. SEC. 22. Section 714 of the Merchant Marine Act, 1936 is amended 46 USC 1204. as follows: (a) By striking out the words "Commission" and "Commission's" wherever they appear and inserting in lieu thereof the words "Secretary of Commerce" and "Secretary of Commerce's" respectively.
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