§ 7518. Tax incentives relating to merchant marine capital construction funds

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 title II § 261(b) · 100 Stat. 2085

   Enacted · 26 U.S.C. § 7518

   Added Pub. L. 99–514, title II, § 261(b), Oct. 22, 1986, 100 Stat. 2208

   Source evidence

   Code source credit
   Added Pub. L. 99–514, title II, § 261(b), Oct. 22, 1986, 100 Stat. 2208

   Enacted provision · exact public law section
   (b) Amendment of 1986 Code.— Chapter 77 (relating to miscellaneous provisions) is amended by adding at the end thereof the following new section: “SEC. 7518. TAX INCENTIVES RELATING TO MERCHANT MARINE CAPITAL CONSTRUCTION FUNDS. “(a) Ceiling on Deposits.— “(1) In general.— The amount deposited in a fund established under section 607 of the Merchant Marine Act, 1936 (hereinafter in this section referred to as a ‘capital construction fund’) shall not exceed for any taxable year the sum of: “(A) that portion of the taxable income of the owner or lessee for such year (computed as provided in chapter 1 but without regard to the carryback of any net operating loss or net capital loss and without regard to this section) which is attributable to the operation of the agreement vessels in the foreign or domestic commerce of the United States or in the fisheries of the United States, “(B) the amount allowable as a deduction under section 167 for such year with respect to the agreement vessels, “(C) if the transaction is not taken into account for purposes of subparagraph (A), the net proceeds (as defined in joint regulations) from— “(i) the sale or other disposition of any agreement vessel, or “(ii) insurance or indemnity attributable to any agreement vessel, and “(D) the receipts from the investment or reinvestment of amounts held in such fund. “(2) Limitations on deposits by lessees.— In the case of a lessee, the maximum amount which may be deposited with respect to an agreement vessel by reason of paragraph (1)(B) for any period shall be reduced by any amount which, under an agreement entered into under section 607 of the Merchant Marine Act, 1936, the owner is required or permitted to deposit for such period with respect to such vessel by reason of paragraph (1)(B). “(3) Certain barges and containers included.— For purposes of paragraph (1), the term ‘agreement vessel’ includes barges and containers which are part of the complement of such vessel and which are provided for in the agreement. “(b) Requirements as to Investments.— “(1) In general.— Amounts in any capital construction fund shall be kept in the depository or depositories specified in the agreement and shall be subject to such trustee and other fiduciary requirements as may be specified by the Secretary. “(2) Limitation on fund investments.— Amounts in any capital construction fund may be invested only in interest-bearing securities approved by the Secretary; except that, if such Secretary consents thereto, an agreed percentage (not in excess of 60 percent) of the assets of the fund may be invested in the stock of domestic corporations. Such stock must be currently fully listed and registered on an exchange registered with the Securities and Exchange Commission as a national securities exchange, and must be stock which would be acquired by prudent men of discretion and intelligence in such matters who are seeking a reasonable income and the preservation of their capital. If at any time the fair market value of the stock in the fund is more than the agreed percentage of the assets in the fund, any subsequent investment of amounts deposited in the fund, and any subsequent withdrawal from the fund, shall be made in such a way as to tend to restore the fund to a situation in which the fair market value of the stock does not exceed such agreed percentage. “(3) Investment in certain preferred stock permitted.— For purposes of this subsection, if the common stock of a corporation meets the requirements of this subsection and if the preferred stock of such corporation would meet such requirements but for the fact that it cannot be listed and registered as required because it is nonvoting stock, such preferred stock shall be treated as meeting the requirements of this subsection. “(c) Nontaxability for Deposits.— “(1) In general.— For purposes of this title— “(A) taxable income (determined without regard to this section and section 607 of the Merchant Marine Act, 1936) for the taxable year shall be reduced by an amount equal to the amount deposited for the taxable year out of amounts referred to in subsection (a)(1)(A), “(B) gain from a transaction referred to in subsection (a)(1)(C) shall not be taken into account if an amount equal to the net proceeds (as defined in joint regulations) from such transaction is deposited in the fund, “(C) the earnings (including gains and losses) from the investment and reinvestment of amounts held in the fund shall not be taken into account, “(D) the earnings and profits (within the meaning of section 316) of any corporation shall be determined without regard to this section and section 607 of the Merchant Marine Act, 1936, and “(E) in applying the tax imposed by section 531 (relating to the accumulated earnings tax), amounts while held in the fund shall not be taken into account. “(2) Only qualified deposits eligible for treatment.— Paragraph (1) shall apply with respect to any amount only if such amount is deposited in the fund pursuant to the agreement and not later than the time provided inJoint regulations. “(d) Establishment of Accounts.— For purposes of this section— “(1) In general.— Within a capital construction fund 3 accounts shall be maintained: “(A) the capital account, “(B) the capital gain account, and “(C) the ordinary income account. “(2) Capital account.— The capital account shall consist of— “(A) amounts referred to in subsection (a)(1)(B), “(B) amounts referred to in subsection (a)(1)(C) other than that portion thereof which represents gain not taken into account by reason of subsection (c)(1)(B), “(C) the percentage applicable under section 243(a)(1) of any dividend received by the fund with respect to which the person maintaining the fund would (but for subsection (c)(1)(C)) be allowed a deduction under section 243, and “(D) interest income exempt from taxation under section 103. “(3) Capital gain account.— The capital gain account shall consist of— “(A) amounts representing capital gains on assets held for more than 6 months and referred to in subsection (a)(1)(C) or (a)(1)(D), reduced by “(B) amounts representing capital losses on assets held in the fund for more than 6 months. “(4) Ordinary income account.— The ordinary income account shall consist of— “(A) amounts referred to in subsection (a)(1)(A), “(B) (i) amounts representing capital gains on assets held for 6 months or less and referred to in subsection (a)(1)(C) or (a)(1)(D), reduced by “(ii) amounts representing capital losses on assets held in the fund for 6 months or less, “(C) interest (not including any tax-exempt interest referred to in paragraph (2)(D)) and other ordinary income (not including any dividend referred to in subparagraph (E)) received on assets held in the fund, “(D) ordinary income from a transaction described in subsection (a)(1)(C), and “(E) the portion of any dividend referred to in paragraph (2)(C) not taken into account under such paragraph. “(5) Capital losses only allowed to offset certain gains.— Except on termination of a capital construction fund, capital losses referred to in paragraph (3)(B) or in paragraph (4)(B)(ii) shall be allowed only as an offset to gains referred to in paragraph (3)(A) or (4)(B)(i), respectively. “(e) Purposes of Qualified Withdrawals.— “(1) In general.— A qualified withdrawal from the fund is one made in accordance with the terms of the agreement but only if it is for: “(A) the acquisition, construction, or reconstruction of a qualified vessel, “(B) the acquisition, construction, or reconstruction of barges and containers which are part of the complement of a qualified vessel, or “(C) the payment of the principal on indebtedness incurred in connection with the acquisition, construction, or reconstruction of a qualified vessel or a barge or container which is part of the complement of a qualified vessel. Except to the extent provided in regulations prescribed by the Secretary, subparagraph (B), and so much of subparagraph (C) as relates only to barges and containers, shall apply only with respect to barges and containers constructed in the United States. “(2) Penalty for failing to fulfill any substantial obligation.— Under joint regulations, if the Secretary determines that any substantial obligation under any agreement is not being fulfilled, he may, after notice and opportunity for hearing to the person maintaining the fund, treat the entire fund or any portion thereof as an amount withdrawn from the fund in a nonqualified withdrawal. “(f) Tax Treatment of Qualified Withdrawals.— “(1) Ordering rule.— Any qualified withdrawal from a fund shall be treated— “(A) first as made out of the capital account, “(B) second as made out of the capital gain account, and “(C) third as made out of the ordinary income account. “(2) Adjustment to basis of vessel, etc., where withdrawal from ordinary income account.— If any portion of a qualified withdrawal for a vessel, barge, or container is made out of the ordinary income account, the basis of such vessel, barge, or container shall be reduced by an amount equal to such portion. “(3) Adjustment to basis of vessel, etc., where withdrawal from capital gain account.— If any portion of a qualified withdrawal for a vessel, barge, or container is made out of the capital gain account, the basis of such vessel, barge, or container shall be reduced by an amount equal to such portion. “(4) Adjustment to basis of vessels, etc., where withdrawals pay principal on debt.— If any portion of a qualified withdrawal to pay the principal on any indebtedness is made out of the ordinary income account or the capital gain account, then an amount equal to the aggregate reduction which would be required by paragraphs (2) and (3) if this were a qualified withdrawal for a purpose described in such paragraphs shall be applied, in the order provided in joint regulations, to reduce the basis of vessels, barges, and containers owned by the person maintaining the fund. Any amount of a withdrawal remaining after the application of the preceding sentence shall be treated as a nonqualified withdrawal. “(5) Ordinary income recapture of basis reduction.— If any property the basis of which was reduced under paragraph (2), (3), or (4) is disposed of, any gain realized on such disposition, to the extent it does not exceed the aggregate reduction in the basis of such property under such paragraphs, shall be treated as an amount referred to in subsection (g)(3)(A) which was withdrawn on the date of such disposition. Subject to such conditions and requirements as may be provided in joint regulations, the preceding sentence shall not apply to a disposition where there is a redeposit in an amount determined under joint regulations which will, insofar as practicable, restore the fund to the position it was in before the withdrawal. “(g) Tax Treatment of Nonqualified Withdrawals.— “(1) In general.— Except as provided in subsection (h), any withdrawal from a capital construction fund which is not qualified withdrawal shall be treated as a nonqualified withdrawal. “(2) Ordering rule.— Any nonqualified withdrawal from a fund shall be treated— “(A) first as made out of the ordinary income account, “(B) second as made out of the capital gain account, and “(C) third as made out of the capital account. For purposes of this section, items withdrawn from any account shall be treated as withdrawn on a first-in-first-out basis; except that (i) any nonqualified withdrawal for research, development, and design expenses incident to new and advanced ship design, machinery and equipment, and (ii) any amount treated as a nonqualified withdrawal under the second sentence of subsection (f)(4), shall be treated as withdrawn on a last-in-first-out basis. “(3) Operating rules.— For purposes of this title— “(A) any amount referred to in paragraph (2)(A) shall be included in income as an item of ordinary income for the taxable year in which the withdrawal is made, “(B) any amount referred to in paragraph (2)(B) shall be included in income for the taxable year in which the withdrawal is made as an item of gain realized during such year from the disposition of an asset held for more than 6 months, and “(C) for the period on or before the last date prescribed for payment of tax for the taxable year in which this withdrawal is made— “(i) no interest shall be payable under section 6601 and no addition to the tax shall be payable under section 6651, “(ii) interest on the amount of the additional tax attributable to any item referred to in subparagraph (A) or (B) shall be paid at the applicable rate (as defined in paragraph (4)) from the last date prescribed for payment of the tax for the taxable year for which such item was deposited in the fund, and “(iii) no interest shall be payable on amounts referred to in clauses (i) and (ii) of paragraph (2) or in the case of any nonqualified withdrawal arising from the application of the recapture provision of section 606(5) of the Merchant Marine Act of 1936 as in effect on December 31, 1969. “(4) Interest rate.— For purposes of paragraph (3)(C)(ii), the applicable rate of interest for any nonqualified withdrawal— “(A) made in a taxable year beginning in 1970 or 1971 is 8 percent, or “(B) made in a taxable year beginning after 1971, shall be determined and published jointly by the Secretary of the Treasury or his delegate and the applicable Secretary and shall bear a relationship to 8 percent which the Secretaries determine under joint regulations to be comparable to the relationship which the money rates and investment yields for the calendar year immediately preceding the beginning of the taxable year bear to the money rates and investment yields for the calendar year 1970. “(5) Amount not withdrawn from fund after 25 years from deposit taxed as nonqualified withdrawal.— “(A) In general.— The applicable percentage of any amount which remains in a capital construction fund at the close of the 26th, 27th, 28th, 29th, or 30th taxable year following the taxable year for which such amount was deposited shall be treated as a nonqualified withdrawal in accordance with the following table: “If the amount remains in the fund at the The applicable  close of the— percentage is—  26th taxable year 20 percent  27th taxable year 40 percent  28th taxable year 60 percent  29th taxable year 80 percent  30th taxable year 100 percent. “(B) Earnings treated as deposits.— The earnings of any capital construction fund for any taxable year (other than net gains) shall be treated for purposes of this paragraph as an amount deposited for such taxable year. “(C) Amounts committed treated as withdrawn.— For purposes of subparagraph (A), an amount shall not be treated as remaining in a capital construction fund at the close of any taxable year to the extent there is a binding contract at the close of such year for a qualified withdrawal of such amount with respect to an identified item for which such withdrawal may be made. “(D) Authority to treat excess funds as withdrawn.— If the Secretary determines that the balance in any capital construction fund exceeds the amount which is appropriate to meet the vessel construction program objectives of the person who established such fund, the amount of such excess shall be treated as a nonqualified withdrawal under subparagraph (A) unless such person develops appropriate program objectives within 3 years to dissipate such excess. “(E) Amounts in fund on January 1, 1987.— For purposes of this paragraph, all amounts in a capital construction fund on January 1, 1987, shall be treated as deposited in such fund on such date. “(6) Nonqualified withdrawals taxed at highest marginal rate.— “(A) In general.— In the case of any taxable year for which there is a nonqualified withdrawal (including any amount so treated under paragraph (5)), the tax imposed by chapter 1 shall be determined— “(i) by excluding such withdrawal from gross income, and “(ii) by increasing the tax imposed by chapter 1 by the product of the amount of such withdrawal and the highest rate of tax specified in section 1 (section 11 in the case of a corporation). With respect to the portion of any nonqualified withdrawal made out of the capital gain account during a taxable year to which section l(i) or 1201(a) applies, the rate of tax taken into account under the preceding sentence shall not exceed 28 percent (34 percent in the case of a corporation). “(B) Tax benefit rule.— If any portion of a nonqualified withdrawal is properly attributable to deposits (other than earnings on deposits) made by the taxpayer in any taxable year which did not reduce the taxpayer’s liability for ix under chapter 1 for any taxable year preceding the taxable year in which such withdrawal occurs— “(i) such portion shall not be taken into account under subparagraph (A), and “(ii) an amount equal to such portion shall be treated as allowed as a deduction under section 172 for the taxable year in which such withdrawal occurs. “(C) Coordination with deduction for net operating losses.— Any nonqualified withdrawal excluded from gross income under subparagraph (A) shall be excluded in determining taxable income under section 172(b)(2). “(h) Certain Corporate Reorganizations and Changes in Partnerships.— Under joint regulations— “(1) a transfer of a fund from one person to another person in a transaction to which section 381 applies may be treated as if such transaction did not constitute a nonqualified withdrawal, and “(2) a similar rule shall be applied in the case of a continuation of a partnership. “(i) Definitions.— For purposes of this section, any term defined in section 607(k) of the Merchant Marine Act, 1936 which is also used in this section (including the definition of ‘Secretary’) shall have the meaning given such term by such section 607(k) as in effect on the date of the enactment of this section.”

2. 1988

   Technical and Miscellaneous Revenue Act of 1988

   Pub. L. 100–647 § 1018(u)(23) · 102 Stat. 3342

   Substituted · 26 U.S.C. § 7518(g)(1)

   Pub. L. 100–647, § 1018(u)(23), substituted “not a qualified withdrawal” for “not qualified withdrawal”

   Source evidence

   Code amendment note
   Subsec. (g)(1). Pub. L. 100–647, § 1018(u)(23), substituted “not a qualified withdrawal” for “not qualified withdrawal”.

   Enacted provision · exact public law section
   (23) Paragraph (1) of section 7518(g) of the 1986 Code is amended by striking out “not qualified withdrawal” and inserting in lieu thereof “not a qualified withdrawal”.

3. 1988

   Technical and Miscellaneous Revenue Act of 1988

   Pub. L. 100–647 § 1002(m)(1) · 102 Stat. 3342

   Substituted · 26 U.S.C. § 7518(g)(6)(A)

   Pub. L. 100–647, § 1002(m)(1), substituted “section 1(j)” for “section 1(i)”

   Source evidence

   Code amendment note
   Subsec. (g)(6)(A). Pub. L. 100–647, § 1002(m)(1), substituted “section 1(j)” for “section 1(i)”.

   Enacted provision · exact public law section
   (1) Subparagraph (A) of section 7518(g)(6) of the 1986 Code, is amended by striking out “section 1(i)” and inserting in lieu thereof “section 1(j)”.

4. 1990

   Revenue Reconciliation Act of 1990

   Pub. L. 101–508 title XI § 11101(d)(7)(A) · 104 Stat. 1388

   Substituted · 26 U.S.C. § 7518(g)(6)(A)

   Pub. L. 101–508 substituted “section 1(h)” for “section 1(j)” in last sentence

   Source evidence

   Code amendment note
   Subsec. (g)(6)(A). Pub. L. 101–508 substituted “section 1(h)” for “section 1(j)” in last sentence.

   Enacted provision · exact public law section
   (A) Subparagraph (A) of section 7518(g)(6) is amended by striking “I” and inserting “1(h)”.

5. 1997

   Pub. L. 105–34 title III § 311(c)(2) · 111 Stat. 788

   Substituted · 26 U.S.C. § 7518(g)(6)(A)

   Pub. L. 105–34 substituted “20 percent” for “28 percent” in concluding provisions

   Source evidence

   Code amendment note
   Subsec. (g)(6)(A). Pub. L. 105–34 substituted “20 percent” for “28 percent” in concluding provisions.

   Enacted provision · exact public law section
   (2) The second sentence of section 7518(g)(6)(A), and the second sentence of section 607(h)(6)(A) of the Merchant Marine Act, 1936, are each amended by striking “28 percent” 6 USC app. 1177. and inserting “20 percent”.

6. 2003

   Pub. L. 108–27 title III § 301(a)(2)(D) · 117 Stat. 752

   Substituted · 26 U.S.C. § 7518(g)(6)(A)

   Pub. L. 108–27 substituted “15 percent” for “20 percent” in concluding provisions

   Source evidence

   Code amendment note
   Subsec. (g)(6)(A). Pub. L. 108–27 substituted “15 percent” for “20 percent” in concluding provisions.

   Enacted provision · exact public law section
   (D) The second sentence of section 7518(g)(6)(A).

7. 2006

   Pub. L. 109–304 § 17(e)(6)(A) · 120 Stat. 1485

   Substituted · 26 U.S.C. § 7518(a)(1)

   Pub. L. 109–304, § 17(e)(6)(A), substituted “chapter 535 of title 46 of the United States Code” for “section 607 of the Merchant Marine Act, 1936”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 109–304, § 17(e)(6)(A), substituted “chapter 535 of title 46 of the United States Code” for “section 607 of the Merchant Marine Act, 1936”.

   Enacted provision · exact public law section
   (A) in subsection (a)(1), strike “section 607 of the Merchant Marine Act, 1936” and substitute “chapter 535 of title 46 of the United States Code”;

8. 2006

   Pub. L. 109–304 § 17(e)(6)(B) · 120 Stat. 1485

   Substituted · 26 U.S.C. § 7518(a)(2); 26 U.S.C. § 7518(c)(1)(A); 26 U.S.C. § 7518(a)(D)

   Pub. L. 109–304, § 17(e)(6)(B), substituted “chapter 535 of title 46, United States Code” for “section 607 of the Merchant Marine Act, 1936”

   Source evidence

   Code amendment note
   Subsecs. (a)(2), (c)(1)(A), (D). Pub. L. 109–304, § 17(e)(6)(B), substituted “chapter 535 of title 46, United States Code” for “section 607 of the Merchant Marine Act, 1936”.

   Enacted provision · exact public law section
   (B) in subsections (a)(2) and (c)(1)(A) and (D), strike “section 607 of the Merchant Marine Act, 1936” and substitute “chapter 535 of title 46, United States Code”; and

9. 2006

   Pub. L. 109–304 § 17(e)(6)(C) · 120 Stat. 1485

   Substituted · 26 U.S.C. § 7518(g)(3)(C)(iii)

   Pub. L. 109–304, § 17(e)(6)(C), substituted “Merchant Marine Act, 1936,” for “Merchant Marine Act of 1936”

   Source evidence

   Code amendment note
   Subsec. (g)(3)(C)(iii). Pub. L. 109–304, § 17(e)(6)(C), substituted “Merchant Marine Act, 1936,” for “Merchant Marine Act of 1936”.

   Enacted provision · exact public law section
   (C) in subsection (g)(3)(C)(iii), strike “Merchant Marine Act of 1936” and substitute “Merchant Marine Act, 1936,”.

10. 2013

    American Taxpayer Relief Act of 2012

    Pub. L. 112–240 title I § 102(c)(1)(D) · 126 Stat. 2313

    Substituted · 26 U.S.C. § 7518(g)(6)(A)

    Pub. L. 112–240 substituted “20 percent” for “15 percent” in concluding provisions

    Source evidence

    Code amendment note
    Subsec. (g)(6)(A). Pub. L. 112–240 substituted “20 percent” for “15 percent” in concluding provisions.

    Enacted provision · exact public law section
    (D) The second sentence of section 7518(g)(6)(A).

11. 2014

    Tax Technical Corrections Act of 2014

    Pub. L. 113–295 div. A title II § 221(a)(117) · 128 Stat. 4010

    Substituted · 26 U.S.C. § 7518(g)(4)

    Pub. L. 113–295, which directed substitution of “any nonqualified withdrawal shall be determined” for “any nonqualified withdrawal” and all that followed through “ ‘shall be determined”, was executed by substituting “any nonqualified withdrawal shall be determined” for “any nonqualified withdrawal—

    Source evidence

    Code amendment note
    Subsec. (g)(4). Pub. L. 113–295, which directed substitution of “any nonqualified withdrawal shall be determined” for “any nonqualified withdrawal” and all that followed through “ ‘shall be determined”, was executed by substituting “any nonqualified withdrawal shall be determined” for “any nonqualified withdrawal—

    “(A) made in a taxable year beginning in 1970 or 1971 is 8 percent, or “(B) made in a taxable year beginning after 1971, shall be determined” to reflect the probable intent of Congress.

    Enacted provision · exact public law section
    (117) Merchant marine capital construction funds.— Paragraph (4) of section 7518(g) is amended by striking “any nonqualified withdrawal” and all that follows through “ ‘shall be determined” and inserting “any nonqualified withdrawal shall be determined”.

12. 2017

    Pub. L. 115–97 § 13001(b)(7) · 131 Stat. 2054

    1. Substituted · 26 U.S.C. § 7518(g)(6)(A)

       Pub. L. 115–97, § 13001(b)(7), in concluding provisions, substituted “In the case of a taxpayer other than a corporation, with respect to the portion” for “With respect to the portion”

    2. Struck · 26 U.S.C. § 7518(g)(6)(A)

       Pub. L. 115–97, § 13001(b)(7), in concluding provisions, struck out “(34 percent in the case of a corporation)” after “shall not exceed 20 percent”

    Source evidence

    Code amendment note
    Subsec. (g)(6)(A). Pub. L. 115–97, § 13001(b)(7), in concluding provisions, substituted “In the case of a taxpayer other than a corporation, with respect to the portion” for “With respect to the portion” and struck out “(34 percent in the case of a corporation)” after “shall not exceed 20 percent”.

    Enacted provision · exact public law section
    (7) Section 7518(g)(6)(A) is amended— (A) by striking “With respect to the portion” and inserting “In the case of a taxpayer other than a corporation, with respect to the portion”, and (B) by striking “(34 percent in the case of a corporation)”.

    Effective date note
    Amendment by Pub. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115–97, set out as a note under section 11 of this title.

13. 2017

    Pub. L. 115–97 § 13001(b)(2)(Q) · 131 Stat. 2054

    Struck · 26 U.S.C. § 7518(g)(6)(A)

    Pub. L. 115–97, § 13001(b)(2)(Q), struck out “or 1201(a)” after “section 1(h)” in concluding provisions

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 115–97, § 13001(b)(2)(Q), struck out “or 1201(a)” after “section 1(h)” in concluding provisions.

    Enacted provision · exact public law section
    (Q) Section 7518(g)(6)(A) is amended by striking “or 1201(a)”.

    Effective date note
    Amendment by Pub. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115–97, set out as a note under section 11 of this title.

14. 2018

    Energy and Water Development and Related Agencies Appropriations Act, 2018

    Pub. L. 115–141 div. U title IV § 401(a)(352) · 132 Stat. 348

    1. Substituted · 26 U.S.C. § 7518(i)

       Pub. L. 115–141 substituted “chapter 535 of title 46, United States Code,” for “section 607(k) of the Merchant Marine Act, 1936”

    2. Substituted · 26 U.S.C. § 7518(i)

       Pub. L. 115–141 substituted “such chapter” for “such section 607(k)”

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 115–141 substituted “chapter 535 of title 46, United States Code,” for “section 607(k) of the Merchant Marine Act, 1936” and “such chapter” for “such section 607(k)”.

    Enacted provision · exact public law section
    Sec. 401. The Nuclear Regulatory Commission shall comply with the July 5, 2011, version of Chapter VI of its Internal Commission Procedures when responding to Congressional requests for information.

16 of 16 references resolved to an enrolled provision