Austin and Perry Safe Boating Incentive Act

To amend the Internal Revenue Code of 1986 to provide a nonrefundable credit for the purchase of emergency position-indicating radio beacons and personal locator beacons. 1. Short title This Act may be cited as the Austin and Perry Safe Boating Incentive Act 2. Credit for locator beacons (a) In general Subpart A of part IV of subchapter A of chapter 1 25E. Locator beacons (a) Allowance of credit In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 50 percent of the sum of the amount paid or accrued for— (1) a qualified emergency position-indicating radio beacon, and (2) a qualified personal locator beacon. (b) Limitations (1) Annual limit The amount allowed as a credit for any taxable year under subsection (a) shall not exceed $200. (2) Lifetime limit The aggregate amount allowed as a credit for all taxable years under subsection (a) shall not exceed the excess of— (A) $500, reduced (but not below zero) by (B) the aggregate amount allowed as a credit under subsection (a) to the taxpayer for all prior taxable years. (c) Definitions For the purposes of this section— (1) Qualified emergency position-indicating radio beacon The term qualified emergency position-indicating radio beacon (A) transmits distress signals at a frequency between 406.0 and 406.1 MHz, (B) is manufactured by a company approved to manufacture beacons by the International Cospas-Sarsat Programme, and (C) is registered with the United States National Oceanic and Atmospheric Administration. (2) Qualified personal locator beacon The term qualified personal locator beacon (A) transmits distress signals at a frequency between 406.0 and 406.1 MHz, (B) is manufactured by a company approved to manufacture beacons by the International Cospas-Sarsat Programme, (C) is registered with the United States National Oceanic and Atmospheric Administration, and (D) is acquired for use in boating activities by the taxpayer who owns or operates an eligible boat. (3) Eligible boats The term eligible boat (A) any recreational vessel (as defined in section 2101 of title 46, United States Code), (B) any small passenger vessel (as defined in section 2101 of title 46, United States Code) carrying not more than 250 passengers, and (C) any uninspected passenger vessel (as defined in section 2101 of title 46, United States Code). (d) Regulations The Secretary shall prescribe such regulations or other guidance as may be necessary to carry out this section, including regulations relating to the installation of a qualified emergency position-indicating radio beacon on an eligible boat. . (b) Clerical amendment The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended at the end of the following new item: Sec. 25E. Locator beacons. . (c) Effective date The amendments made by this section shall apply to emergency position-indicating radio beacons installed, and personal locator beacons purchased, after December 31, 2015.

Summary: Austin and Perry Safe Boating Incentive Act This bill amends the Internal Revenue Code to allow individual taxpayers a new tax credit for 50% of the amount paid or accrued, up to $200 in a taxable year ($500 for all taxable years), for a qualified emergency position-indicating radio beacon and a qualified personal locator beacon. A "qualified emergency position-indicating radio beacon" is a device installed on an eligible boat that: (1) transmits distress signals at a frequency between 406.0 and 406.1 MHz, (2) is manufactured by a company approved to manufacture beacons by the International Cospas-Sarsat Programme, and (3) is registered with the United States National Oceanic and Atmospheric Administration. A "qualified personal locator beacon" is a similarly-defined device designed to be carried by an individual and acquired for use in boating activities. An "eligible boat" is any recreational vessel, any small passenger vessel carrying not more than 250 passengers, and any uninspected passenger vessel as those terms are defined in provisions of the U.S. Code.