---
kind: "section"
citation: "46 U.S.C. § 53301"
title: "46"
title_heading: "Shipping"
number: "53301"
heading: "Definitions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/46/53301"
units:
  - "Subtitle V — Merchant Marine"
  - "Part C — Financial Assistance Programs"
  - "Chapter 533 — Construction Reserve Funds"
---

# §53301. Definitions

- (a) **In General.—** In this chapter:
  - (1) **Construction contract.—** The term “construction contract” includes, for a taxpayer constructing a [new vessel](#a-2) in a shipyard owned by that taxpayer, an [agreement](/usc/46/53201.md?p=8) between the taxpayer and the [Secretary](/usc/46/53101.md?p=8) of Transportation for that [construction](/usc/46/53701.md?p=3) containing provisions the [Secretary](/usc/46/53101.md?p=8) considers advisable to carry out this chapter.
  - (2) **New vessel.—** The term “new vessel” means—
    - (A) a [vessel](/usc/46/53501.md?p=9)—
      - (i) constructed in the [United States](/usc/46/53101.md?p=10) after December 31, 1939, constructed with a [construction](/usc/46/53701.md?p=3)-differential subsidy under title V of the Merchant Marine Act, 1936, or constructed with financing or a financing guarantee under chapter [537](/usc/46/chstV/ptC/ch537.md) or [575](/usc/46/chstV/ptF/ch575.md) of this title;
      - (ii) documented or agreed with the [Secretary](/usc/46/53101.md?p=8) to be documented under the laws of the [United States](/usc/46/53101.md?p=10); and
      - (iii)
        - (I) of a type, size, and speed that the [Secretary](/usc/46/53101.md?p=8) determines is suitable for use on the high seas or Great Lakes in carrying out this subtitle, but not less than 2,000 gross tons or less than 12 knots speed unless the [Secretary](/usc/46/53101.md?p=8) certifies in each case that a [vessel](/usc/46/53501.md?p=9) of lesser tonnage or speed is desirable for use by the [United States](/usc/46/53101.md?p=10) Government in case of war or national emergency; or
        - (II) constructed to replace a [vessel](/usc/46/53501.md?p=9) bought or requisitioned by the Government; and
    - (B) a [vessel](/usc/46/53501.md?p=9) reconstructed or reconditioned for use only on the Great Lakes, including the Saint Lawrence River and Gulf, if the [Secretary](/usc/46/53101.md?p=8) finds that the [reconstruction](/usc/46/53701.md?p=3) or [reconditioning](/usc/46/53701.md?p=3) will promote the objectives of this subtitle.
- (b) **Additional Tax-Related Terms.—** Other terms used in this chapter have the same meaning as in [chapter 1](/usc/46/chstI/ch1.md) of the Internal Revenue Code of 1986 (26 U.S.C. [ch. 1](/usc/46/chstI/ch1.md)).

## Source credit

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1587.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised<br>Section | Source (U.S. Code) | Source (Statutes at Large) |
| 53301(a)(1) | 46 App.:1161(n). | June 29, 1936, ch. 858, title V, § 511(n), as added Dec. 23, 1944, ch. 714, § 2, 58 Stat. 920; Pub. L. 97–31, § 12(92)(A), Aug. 6, 1981, 95 Stat. 161. |
| 53301(a) (2)(A) | 46 App.:1161(a). | June 29, 1936, ch. 858, title V, § 511(a), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; Pub. L. 97–31, § 12(92)(A), Aug. 6, 1981, 95 Stat. 161. |
| 53301(a) (2)(B) | 46 App.:1161(o). | June 29, 1936, ch. 858, title V, § 511(o), as added July 17, 1952, ch. 939, § 14, 66 Stat. 764; Pub. L. 97–31, § 12(92)(A), Aug. 6, 1981, 95 Stat. 161. |
| 53301(b) | 46 App.:1161(m). | June 29, 1936, ch. 858, title V, § 511(m), as added Oct. 10, 1940, ch. 849, 54 Stat. 1108. |

In subsection (a)(2)(A)(i), the words “constructed with a construction-differential subsidy under title V of the Merchant Marine Act, 1936, or constructed with financing or a financing guarantee under chapter 537 or 575 of this title” are substituted for “the construction of which has been financed under subchapters V or VII of this chapter, or the construction of which has been aided by a mortgage insured under subchapter XI of this chapter” because of the reorganization of the material and the omission from the revised title of the provisions relating to the construction-differential subsidy program.

Subsection (a)(2)(B) is substituted for the source provision to state more directly that a vessel described in the source provision is a new vessel for purposes of this chapter.

### Editorial Notes

### References in Text

The Merchant Marine Act, 1936, referred to in subsec. (a)(2)(A)(i), is act June 29, 1936, ch. 858, 49 Stat. 1985. Title V of the Act enacted provisions set out as notes under section 53101 of this title. For complete classification of this Act to the Code, see Short Title of 1936 Amendment note set out under section 101 of this title and Tables.