We must recognize, however, that when fishermen are forced to limit their catch, they are also limited in their ability to meet the costs associated with maintaining their vessels. In response to this situation, I have introduced a bill in the Senate that makes it clear that fishermen should not have to compromise their safety in order to make a living in their chosen occupation. The Commercial Fishermen Safety Act of 2001 lends a hand to fishermen attempting to prepare in case disaster strikes. My bill provides a tax credit equal to 75 percent of the amount paid by fishermen to purchase or maintain required safety equipment. The tax credit will make life-saving equipment more affordable for more fishermen, who currently face more limited options under the federal tax code.
Safety equipment saves lives in an occupation that has suffered far too many tragedies.
By extending a tax credit for the purchase of federally required safety equipment, Congress can help ensure that fishermen have a better chance of returning home each and every time they head out to sea.