Amending The Merchant Marine Act 1936 As Amended To Further Promote The Development And Maintenance Of The American Merchant Marine

Considers legislation to extend construction subsidy eligibility to vessels not operated on essential trade routes, to broaden tax benefits for nonsubsidized operators, and to limit mortgage liability of new passenger vessel purchasers.

[pt. 1]:Considers legislation to revise Federal shipbuilding and operating subsidy programs, to authorize Federal investigations of employment and wage conditions on subsidized vessels, and to authorize a shipbuilding contract allocation program to maintain regional shipbuilding employment levels; pt. 2: Considers legislation to authorize Commerce Dept acquisition of vessels and material for emergency and war purposes and to revise methods for payment for construction and computation of depreciation on reconstructed vessels. Immediate effect of legislation would be to authorize Government purchase of Monterey and Mariposa to be utilized as troop carriers.

Considers S. 2148, to amend the Merchant Marine Act of 1936 to revise Commerce Dept shipbuilding loan and mortgage guarantee procedures; and H.R. 8388, to deny operating-differential subsidy contracts to any applicants with business relationships detrimental to the better interest of the U.S.

Considers legislation to provide tax deferment of unsubsidized U.S. ship operators' earnings deposited in a construction reserve fund and to permit tax deductions for ship depreciation.