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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2054 Introduced in House (IH)]

104th CONGRESS
  1st Session
                                H. R. 2054

To amend the Internal Revenue Code of 1986 to apply the rehabilitation 
         credit to historic ships, aircraft, and other vessels.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 18, 1995

  Mr. Dicks (for himself and Mr. McDermott) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
To amend the Internal Revenue Code of 1986 to apply the rehabilitation 
         credit to historic ships, aircraft, and other vessels.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. APPLICATION OF REHABILITATION CREDIT TO HISTORIC SHIPS AND 
              AIRCRAFT.

    (a) In General.--Subsection (a) of section 47 of the Internal 
Revenue Code of 1986 (relating to rehabilitation credit) is amended--
            (1) in paragraph (1) by striking ``and'' at the end,
            (2) in paragraph (2), by striking the period at the end and 
        inserting ``, and'', and
            (3) by adding at the end the following new paragraph:
            ``(3) 20 percent of the vessel rehabilitation expenditures 
        with respect to any certified historic vessel.''
    (b) Certified Historic Vessels.--Section 47 of such Code is amended 
by adding at the end the following new subsection:
    ``(e) Definitions and Special Rules for Treatment of Certified 
Historic Vessels.--
            ``(1) Certified historic vessels.--For purposes of this 
        section, the term `certified historic vessel' means--
                    ``(A) any ship, aircraft, or other vessel which is 
                listed in the National Register, and
                    ``(B) any facility (including a pier, hangar, or 
                display facility) related to such ship, aircraft, or 
                other vessel, but only if substantially all of the use 
                of such facility is in connection with such ship, 
                aircraft, or vessel.
        Such term does not include any building (or any structural 
        component of a building) which is a certified historic 
        structure.
            ``(2) Vessel rehabilitation expenditures.--
                    ``(A) In general.--For purposes of this section, 
                the term `vessel rehabilitation expenditure' includes 
                any amount properly chargeable to capital account--
                            ``(i) for property for which depreciation 
                        is allowable under section 168, and
                            ``(ii) in connection with the substantial 
                        rehabilitation of such certified historic 
                        vessel.
                For purposes of determining substantial rehabilitation 
                under clause (ii), rules similar to the rules of 
                subsection (c)(1)(C) shall apply.
                    ``(B) Certain expenditures not included.--Rules 
                similar to the rules of subsection (c)(2)(B) shall 
                apply for purposes of this paragraph.
                    ``(C) Acquisition, construction, and enlargement of 
                certain necessary facilities.--Subparagraph (B) shall 
                not apply, with respect to clauses (ii) and (iii) of 
                subsection (c)(2)(B), to acquisition, construction, or 
                enlargement of any facility referred to in paragraph 
                (1)(B) if--
                            ``(i) such facility (or the enlargement of 
                        such facility) is necessary for access to or 
                        housing of such certified historic vessel, and
                            ``(ii) no other suitable facility to 
                        provide access to or housing of such certified 
                        historic vessel is reasonably available for use 
                        by such historic vessel.
            ``(3) When expenditures taken into account.--For purposes 
        of this subsection, rules similar to the rules of subsections 
        (b) and (d) shall apply.''
    (c) Effective Date.--The amendments made by this Act shall apply to 
amounts incurred after December 31, 1994, for taxable years ending 
after such date.
                                 <all>
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