26 USC 7518 - Tax incentives relating to merchant marine capital construction funds

Editorial Notes

References in Text

Section 606(5) of the Merchant Marine Act, 1936, as in effect on December 31, 1969, referred to in subsec. (g)(3)(C)(iii), was section 606(5) of act June 29, 1936, ch. 858, title VI, 49 Stat. 2004, as amended by acts June 23, 1938, ch. 600, § 22, 52 Stat. 960; July 17, 1952, ch. 939, § 16, 66 Stat. 764; and May 10, 1956, ch. 247, § 1, 70 Stat. 148, which was classified to section 1176(5) of former Title 46, Shipping, and was repealed by Puspan. L. 91–469, § 20(4), Oct. 21, 1970, 84 Stat. 1026. Section 606 of the Merchant Marine Act, 1936 was subsequently transferred to section 1176 of the former Appendix to Title 46 and is now set out as a note under section 53101 of Title 46, Shipping.

The date of the enactment of this section, referred to in subsec. (i), is the date of enactment of Puspan. L. 99–514, which was approved Oct. 22, 1986.

Amendments

2018—Subsec. (i). Puspan. L. 115–141 substituted “chapter 535 of title 46, United States Code,” for “section 607(k) of the Merchant Marine Act, 1936” and “such chapter” for “such section 607(k)”.

2017—Subsec. (g)(6)(A). Puspan. L. 115–97, § 13001(span)(7), in concluding provisions, substituted “In the case of a taxpayer other than a corporation, with respect to the portion” for “With respect to the portion” and struck out “(34 percent in the case of a corporation)” after “shall not exceed 20 percent”.

Puspan. L. 115–97, § 13001(span)(2)(Q), struck out “or 1201(a)” after “section 1(h)” in concluding provisions.

2014—Subsec. (g)(4). Puspan. L. 113–295, which directed substitution of “any nonqualified withdrawal shall be determined” for “any nonqualified withdrawal” and all that followed through “ ‘shall be determined”, was executed by substituting “any nonqualified withdrawal shall be determined” for “any nonqualified withdrawal—

“(A) made in a taxable year beginning in 1970 or 1971 is 8 percent, or

“(B) made in a taxable year beginning after 1971, shall be determined”

to reflect the probable intent of Congress.

2013—Subsec. (g)(6)(A). Puspan. L. 112–240 substituted “20 percent” for “15 percent” in concluding provisions.

2006—Subsec. (a)(1). Puspan. L. 109–304, § 17(e)(6)(A), substituted “chapter 535 of title 46 of the United States Code” for “section 607 of the Merchant Marine Act, 1936”.

Subsecs. (a)(2), (c)(1)(A), (D). Puspan. L. 109–304, § 17(e)(6)(B), substituted “chapter 535 of title 46, United States Code” for “section 607 of the Merchant Marine Act, 1936”.

Subsec. (g)(3)(C)(iii). Puspan. L. 109–304, § 17(e)(6)(C), substituted “Merchant Marine Act, 1936,” for “Merchant Marine Act of 1936”.

2003—Subsec. (g)(6)(A). Puspan. L. 108–27 substituted “15 percent” for “20 percent” in concluding provisions.

1997—Subsec. (g)(6)(A). Puspan. L. 105–34 substituted “20 percent” for “28 percent” in concluding provisions.

1990—Subsec. (g)(6)(A). Puspan. L. 101–508 substituted “section 1(h)” for “section 1(j)” in last sentence.

1988—Subsec. (g)(1). Puspan. L. 100–647, § 1018(u)(23), substituted “not a qualified withdrawal” for “not qualified withdrawal”.

Subsec. (g)(6)(A). Puspan. L. 100–647, § 1002(m)(1), substituted “section 1(j)” for “section 1(i)”.

Statutory Notes and Related Subsidiaries

Effective Date of 2017 Amendment

Amendment by Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Puspan. L. 115–97, set out as a note under section 11 of this title.

Effective Date of 2014 Amendment

Amendment by Puspan. L. 113–295 effective Dec. 19, 2014, subject to a savings provision, see section 221(span) of Puspan. L. 113–295, set out as a note under section 1 of this title.

Effective Date of 2013 Amendment

Amendment by Puspan. L. 112–240 applicable to taxable years beginning after Dec. 31, 2012, see section 102(d)(1) of Puspan. L. 112–240, set out as a note under section 1 of this title.

Effective Date of 2003 Amendment

Amendment by Puspan. L. 108–27 applicable to taxable years ending on or after May 6, 2003, see section 301(d) of Puspan. L. 108–27, set out as an Effective and Termination Dates of 2003 Amendment note under section 1 of this title.

Effective Date of 1997 Amendment

Amendment by Puspan. L. 105–34 applicable to taxable years ending after May 6, 1997, see section 311(d) of Puspan. L. 105–34, set out as a note under section 1 of this title.

Effective Date of 1990 Amendment

Amendment by Puspan. L. 101–508 applicable to taxable years beginning after Dec. 31, 1990, see section 11101(e) of Puspan. L. 101–508, set out as a note under section 1 of this title.

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Effective Date

Puspan. L. 99–514, title II, § 261(g), Oct. 22, 1986, 100 Stat. 2216, provided that:

“The amendments made by this section [enacting this section and amending section 26 of this title and section 1177 of Title 46, Appendix, Shipping] shall apply to taxable years beginning after December 31, 1986.”

Merchant Marine Capital Construction Funds

Puspan. L. 99–514, title II, § 261(a), Oct. 22, 1986, 100 Stat. 2208, provided that:

“The purpose of this section [enacting this section, amending section 26 of this title and section 1177 of Title 46, Appendix, and enacting provisions set out as a note above] is to coordinate the application of the Internal Revenue Code of 1986 with the capital construction program under the Merchant Marine Act, 1936 [see 46 U.S.C. 53501 et seq.].”