Support for Fisheries, Coastal Infrastructure, and Green Hydropower Energy
This Act aims to strengthen the maritime and coastal economy, especially in rural areas. It introduces tax credits for modernizing hydroelectric facilities, expands access to loans for commercial fishermen for vessel and facility upgrades, and establishes grant programs for developing seafood processing and cold storage infrastructure. Furthermore, it supports maritime workforce development and ocean innovation initiatives, including research on ocean acidification and coastal ecosystem protection.
Key points
Tax Credit: A 30% tax credit is introduced for investments in maintaining and enhancing hydroelectric facilities, including improvements for fish passage and water quality, potentially lowering energy costs and supporting river ecology.
Financial Aid for Fishermen: Commercial fishermen and fish processors are now eligible for USDA farm loans and grants, making it easier to finance vessels, equipment, and processing facilities.
Coastal Infrastructure Grants: New grant programs (10 million USD annually) are established to support the construction and rehabilitation of rural seafood processing and cold storage facilities, boosting local economies and domestic markets.
Workforce Development: A competitive grant program (25 million USD annually) is authorized to support maritime workforce training and recruitment, with a focus on rural areas, aiming to improve safety and skill availability.
Ocean Innovation and Environment: The Act establishes Ocean Innovation Clusters and allocates funds for research on ocean acidification and the protection of vegetated coastal ecosystems (like mangroves and seagrasses).
Expired
Citizen Poll