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Billno should always have and extension i.e. h1.ih

To amend the Internal Revenue Code of 1986 to provide that the harbor maintenance tax is applied to certain ports that import cargo exceeding $100,000,000 in value per year. (Introduced in Senate)

S 1310 IS

108th CONGRESS

1st Session

S. 1310

To amend the Internal Revenue Code of 1986 to provide that the harbor maintenance tax is applied to certain ports that import cargo exceeding $100,000,000 in value per year.

IN THE SENATE OF THE UNITED STATES

June 23, 2003

Mr. KERRY introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide that the harbor maintenance tax is applied to certain ports that import cargo exceeding $100,000,000 in value per year.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. APPLICATION OF HARBOR MAINTENANCE TAX TO CERTAIN PORTS IMPORTING CARGO EXCEEDING $100,000,000 IN VALUE.

(a) IN GENERAL- Section 4462(a)(2) of the Internal Revenue Code of 1986 (defining port) is amended by adding at the end the following new subparagraph:

`(D) SPECIAL RULE FOR FACILITIES USED TO TRANSPORT IMPORTED CARGO WORTH MORE THAN $100,000,000 IN A CALENDAR YEAR-

`(i) IN GENERAL- The exception under subparagraph (B) shall not apply for a calendar year if for any preceding calendar year after 2001 the channel or harbor was used to transport commercial cargo entering the United States with an aggregate value exceeding $100,000,000.

`(ii) REINSTATEMENT OF EXCEPTION- Clause (i) shall cease to apply to any calendar year which is after a period of 3 consecutive calendar years in which--

`(I) the aggregate value of such cargo was $100,000,000 or less during each year, and

`(II) no Federal funds were used for construction, maintenance, or operation.

`(ii) DURATION OF REINSTATEMENT- Clause (ii) shall continue to apply to each calendar year after the first calendar year to which such clause applies only so long as the aggregate value of such cargo was $100,000,000 or less during the preceding calendar year.'.

(b) EFFECTIVE DATE- The amendment made by subsection (a) shall take effect on January 1, 2003.

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