PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jan 31, 2001
All American Cruise Act of 2001 - Amends the Internal Revenue Code to: (1) permit contractors building certain cruise ships to use the completed contract method of accounting; (2) exclude from a corporation's gross income amounts derived from the operation of a U.S. built and documented cruise ship; (3) allow a cruise ship construction credit; (4) classify a cruise ship as seven-year property under the accelerated cost recovery system; (5) revise deduction requirements for certain cruise ship business expenses; and (6) allow a credit for the use of clean-burning engines on U.S. cruise ships.Amends the Merchant Marine Act, 1936 to add passenger vessels in the oceangoing domestic trade to the list of vessels for which a capital construction fund may be established.Amends the Internal Revenue Code respecting tax incentives relating to merchant marine capital construction funds, including: (1) qualified withdrawals for payments that reduce the principal of a qualified lease of a qualified vessel; (2) prior year deposits based on audit adjustments; (3) capital gains and losses; and (4) interest computation on nonqualified withdrawals.
People & committees
Sen. Snowe, Olympia J. [R-ME] · R–ME
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S915)
Introduced in Senate
Primary sources
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Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
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