Treatment of maritime prosperity zones as opportunity zones

(a) In general Subchapter Z of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 1400Z–3. Treatment of maritime prosperity zones as opportunity zones (a) In general A maritime prosperity zone shall be treated as a qualified opportunity zone. (b) Special rules In applying this subchapter to any maritime prosperity zone which is a qualified opportunity zone solely by reason of this section— (1) In general For purposes of determining— (A) whether any property which would not be qualified opportunity fund business property without regard to this section is qualified opportunity fund business property, and (B) whether any corporation or partnership which is not a qualified opportunity fund business without regard to this section is a qualified opportunity fund business, section 1400Z–2(d) shall be applied with the modifications described in paragraph (2). (2) Modifications The modifications described in this paragraph are as follows: (A) Start date Subparagraphs (B)(i)(I), (C)(i), and (D)(i)(I) of section 1400Z–2(d)(2) shall each be applied by substituting the date of the enactment of the Building Ships in America Act of 2025 for December 31, 2017. (B) Qualified business property Property shall not be treated as qualified opportunity zone business property unless such property is substantially used in an industry which is assigned a code under the North American Industrial Classification System which is described in paragraph (3). (C) Qualified business A trade or business shall not be treated as a qualified opportunity zone business unless such trade or business operates in an industry which is assigned a code under the North American Industrial Classification System which is described in paragraph (3). (3) Eligible north American industrial classification system codes The following codes under the North American Industrial Classification System are the codes described in this paragraph: (A) 48311 (deep sea freight transportation). (B) 483113 (coastal and Great Lakes freight transportation). (C) 483211 (inland water freight transportation). (D) 4883 (support activities for water transportation). (E) 3366 (ship and boat building). (c) Maritime prosperity zone For purposes of this chapter— (1) In general The term maritime prosperity zone means any population census tract that— (A) contains or is determined by the Maritime Administrator to be a viable site for— (i) a shipyard of the United States, (ii) a port, or (iii) a harbor facility, and (B) is designated as a maritime prosperity zone under paragraph (2). (2) Designation A population census tract is designated as a maritime prosperity zone under this paragraph if— (A) the Maritime Administrator, in consultation with the Secretary of the Navy, nominates the tract for designation as a maritime prosperity zone and notifies the Secretary in writing of such nomination, and (B) the Secretary certifies such nomination and designates such tract as a qualified maritime prosperity zone. (3) Number of population census tracts designated Not more than 100 population census tracts may be designated as maritime prosperity zone. (4) Period for which designation is in effect Except as provided in paragraph (2), a designation as a maritime prosperity zone shall remain in effect for the period— (A) beginning on the date of the designation, and (B) ending at the close of the 5th calendar year beginning on or after such date of designation.. (b) Clerical amendment The table of sections for subchapter Z of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 1400Z–3. Treatment of maritime prosperity zones as opportunity zones.. (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act.