House Ways and Means Subcommittee on Oversight Chairman Charles Boustany, Jr, MD (R-LA) and Subcommittee on Select Revenue Measures Chairman Pat Tiberi (R-OH) yesterday announced the Subcommittees will hold a hearing on harbor maintenance funding and maritime tax issues, with a focus on the Harbor Maintenance Trust Fund and Harbor Maintenance Tax, maintenance underfunding, and the tax treatment of foreign shipping operations.
The hearing will take place on Wednesday, February 1, 2012, in Room 1100 of the Longworth House Office Building, beginning at 9:30 A.M.
In announcing the hearing, Chairman Boustany said, “Our nation’s harbors are a lifeblood of commerce. Years of chronic underfunding have severely limited ship traffic, prevented valuable cargo from moving efficiently, and adversely affected national, regional, and local economies. Funds collected by the HMTF should be utilized promptly and exclusively to keep our harbors open for business. The Subcommittees will conduct oversight of this critical problem and consider what solutions might better help American goods to compete in the global economy.”
Chairman Tiberi added, “ The U.S. maritime industry is vital to our economy and national security. Today’s tax code places preference on investment in foreign shipping operations over investment in domestic operations. The tax code also discourages the use of local shipping channels as a means to move non-bulk cargo throughout the United States and the Great Lakes region. The Subcommittees should examine how to design tax policies that help create U.S. maritime jobs and that ensure the long-term growth of the domestic maritime industry.”
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Dredging Today Staff, January 26, 2012;