Bryson Fitch Fishermen Protection Act

“45BB. Locator beacon credit

“(a) In general—For purposes of section 38, in the case of an eligible commercial fishing company, the personal locator beacon credit determined under this section for any taxable year is an amount equal to 50 percent of the sum of—

“(1) the basis of any qualified beacon placed in service by the taxpayer during such taxable year, and

“(2) amounts paid by the taxpayer for the maintenance of any qualified beacon during such taxable year.

“(b) Definitions—For purposes of this section—

“(1) Qualified beacon

“(A) In general—The term “qualified beacon” means a qualified emergency position-indicating radio beacon or qualified personal locator beacon which is placed in service on board a qualified vessel.

“(B) Qualified emergency position-indicating radio beacon—The term “qualified emergency position-indicating radio beacon” means a device installed on an eligible vessel that—

“(i) transmits distress signals at a frequency between 406.0 and 406.1 MHz,

“(ii) is manufactured by a company approved to manufacture beacons by the International Cospas-Sarsat Programme,

“(iii) is registered with the United States National Oceanic and Atmospheric Administration, and

“(iv) is acquired for use on commercial fishing vessels by the taxpayer who owns or operates an eligible vessel.

“(C) Qualified personal locator beacon—The term “qualified personal locator beacon” means a device designed to be carried by an individual that—

“(i) transmits distress signals at a frequency between 406.0 and 406.1 MHz,

“(ii) is manufactured by a company approved to manufacture beacons by the International Cospas-Sarsat Programme,

“(iii) is registered with the United States National Oceanic and Atmospheric Administration, and

“(iv) is acquired for use on commercial fishing vessels by the taxpayer who owns or operates an eligible vessel.

“(D) Qualified vessel—The term “qualified vessel” means an eligible vessel which is equipped with at least 1 qualified personal locator beacon for each individual on board such vessel.

“(2) Eligible commercial fishing company—The term “eligible commercial fishing company” means a business which owns or operates in the course of business any eligible vessel.

“(3) Eligible vessel—The term “eligible vessel” means a vessel described in paragraph (12), (13), or (14) of section 2101 of title 46, United States Code.

“(c) Termination—This section shall not apply to taxable years beginning after December 31, 2028.”

“(42) in the case of an eligible commercial fishing company (as defined in section 45BB), the locator beacon credit determined under section 45BB(a).”

“25F. Personal tax credit for purchase of certain personal locator beacons

“(a) Allowance of credit—In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 50 percent of the amounts paid or incurred by the taxpayer for the purchase of a qualified beacon during the taxable year.

“(b) Definitions—For purposes of this section—

“(1) Qualified beacon—The term “qualified beacon” means a beacon—

“(A) described in subparagraph (B) or (C) of section 45BB(b)(1) (determined without regard to subparagraphs (B)(iv) or (C)(iv) thereof), and

“(B) which is purchased by the taxpayer for use on an eligible vessel which is not a qualified vessel.

“(2) Eligible vessel, qualified vessel—The terms “eligible vessel” and “qualified vessel” have the meaning given such terms in section 45BB(b)(1).

“(c) Termination—This section shall not apply to taxable years beginning after December 31, 2028.”