Qualifying vessel

Section 1355(a) of the Internal Revenue Code of 1986 is amended— (1) by striking paragraph (4) and inserting the following: (4) Qualifying vessel The term qualifying vessel means a vessel which is— (A) self-propelled (or a combination self-propelled and non-self-propelled), (B) a United States flag vessel or a United States-owned foreign flag vessel, (C) either— (i) a vessel designed primarily for use on the high seas which has a draft of more than 12 feet, or (ii) not less than 6,000 deadweight tons, and (D) used exclusively in the United States foreign trade during the period that the election under this subchapter is in effect., and (2) by adding at the end the following: (8) United States-owned foreign flag vessel The term United States-owned foreign flag vessel means any vessel which— (A) is documented under the laws of a country (other than the United States) or a foreign registry which is not a foreign country of concern (as defined in section 48F(e)), (B) is owned by a person which— (i) (I) is a citizen of the United States (as determined under section 50501 of title 46, United States Code), or (II) is controlled (within the meaning of section 954(d)(3)) by a citizen of the United States (as so determined), and (ii) owns a fleet of United States flag vessels, (C) is strategically and commercially managed from within the United States, and (D) has entered into an emergency preparedness agreement under section 53107 or 53407 of title 46, United States Code, or a contingency agreement under section 53207 of such title, or has otherwise entered into a voluntary agreement and plan of action with the Maritime Administrator as authorized under section 708(c) of the Defense Production Act of 1950 (50 U.S.C. 4558(c))..