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Tax credits for locator beacons to enhance safety for fishermen and boat owners.

This new act introduces tax credits for commercial fishing companies and individuals for the purchase and maintenance of specific emergency locator devices (EPIRBs and PLBs). The goal is to improve safety at sea by encouraging the equipping of vessels and crews with these devices. These credits are set to expire at the end of 2028.
Key points
Commercial fishing companies can claim a 50% credit for the cost of purchasing and maintaining qualified locator beacons.
Individuals can claim a 50% credit for the purchase of qualified personal locator beacons for use on eligible vessels.
Devices must meet specific technical standards and be registered with the U.S. NOAA.
The provisions take effect in 2024 and will apply to tax years beginning after December 31, 2023, until December 31, 2028.
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Additional Information
Print number: 118_HR_5655
Sponsor: Rep. Perez, Marie Gluesenkamp [D-WA-3]
Process start date: 2023-09-21
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Bryson Fitch Fishermen Protection Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5655.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-09-21.

What are the main provisions?

Key points include:

  • Commercial fishing companies can claim a 50% credit for the cost of purchasing and maintaining qualified locator beacons.
  • Individuals can claim a 50% credit for the purchase of qualified personal locator beacons for use on eligible vessels.
  • Devices must meet specific technical standards and be registered with the U.S. NOAA.
  • The provisions take effect in 2024 and will apply to tax years beginning after December 31, 2023, until December 31, 2028.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Perez, Marie Gluesenkamp [D-WA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Security Transport