Bryson Fitch Fishermen Protection Act
The bill introduces two main tax credits: one for businesses operating eligible commercial vessels and another for individuals purchasing locator beacons for personal use. The goal of this Act is to enhance maritime safety by encouraging the adoption of reliable positioning and distress signaling equipment, thereby reducing maritime accidents during commercial fishing operations. If passed, these credits will apply to beacons placed in service beginning after December 31, 2023, promoting immediate compliance among possessing companies and personal users.
House Bill 5655, also known as the 'Bryson Fitch Fishermen Protection Act', seeks to amend the Internal Revenue Code by establishing tax credits for personal locator beacons used on certain vessels. This legislation is primarily aimed at supporting the safety of commercial fishermen by providing financial incentives to ensure that they have access to essential safety equipment. Specifically, it allows for tax deductions that cover 50% of the cost of purchasing and maintaining eligible beacons to promote their use in the fishing industry.
While the bill has garnered support from industry stakeholders who emphasize the increased safety and reduced risk of accidents, there may be concerns regarding the financial implications for the federal budget due to tax reductions. Critics might argue that without careful oversight, the incentives could potentially lead to a misuse of funds if businesses invest in beacons simply to take advantage of the credits, rather than prioritizing safety. Nonetheless, proponents argue that incentivizing safety equipment is paramount and that any potential financial downsides are outweighed by the benefits of preventing maritime accidents.