Shipbuilding Investment and Workforce Act

This bill would change federal tax law so that census tracts chosen as "maritime prosperity zones" can be designated as qualified opportunity zones, which carry tax benefits for investors. The Secretary of Commerce, after consulting defense, Navy, transportation, trade, and budget officials, would nominate tracts suited for maritime industry, and the Treasury Secretary would certify them. No more than 100 such tracts could be designated at a time, and they would not count against the existing limit on opportunity zones. In these zones, tax benefits would apply only to property and businesses tied substantially to maritime industries such as shipbuilding, ports, and water freight. Investments in qualified maritime prosperity funds would get the same added tax basis benefit as rural opportunity funds.

Full text and official record on Congress.gov

Sponsors

• Mike Kelly Republican sponsor
• 3 cosponsors