Shipbuilding Investment and Workforce Act

Key Points

• This bill creates up to 100 maritime prosperity zones across the United States. These are special areas where businesses can get tax breaks for building ships, fixing ports, and improving harbor facilities.
• People who invest in these zones through special maritime funds can reduce the amount of taxes they owe on their profits. This is designed to bring more private money into the shipping industry and help it grow.
• To get the tax benefits, a business must do most of its work in the maritime industry. This includes building boats, making metal parts for ships, creating navigation systems, or moving cargo over the water.
• The Secretary of Commerce will choose which areas become these special zones. They will consult with the Navy and the Department of Defense to make sure the locations help the country's security and trade needs.
• If the bill becomes law, the government would start picking these locations by July 2027. The plan aims to create new jobs in coastal towns and modernize the equipment used in American shipyards.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.