United States Passenger Vessel Development Tax Act

[AI summary unavailable — showing source text] United States Passenger Vessel Development Tax Act - Amends the Merchant Marine Act, 1936 to include U.S. documented passenger vessels in all domestic trades in the capital construction fund (CCF) program in order to encourage investment in the replacement of such vessels with U.S. constructed and documented vessels. Makes a passenger vessel with an interim coastwise passenger trade endorsement eligible for the CCF program. Sets forth a formula for the calculation of tax on earnings, including capital gains, derived from investments made with amounts from passenger vessel funds. Sets forth provisions regarding: (1) the tax treatment of qualified withdrawals from such funds for certain passenger vessel lease payments; (2) computation of interest with respect to nonqualified withdrawals from the fund; (3) inclusion of passenger vessel design and engineering costs as a permissible qualified withdrawal from the fund; (4) inclusion of income-producing assets, including accounts receivable, as permissible investments for such funds; and (5) tax treatment on interim certificate vessel deposits in and withdrawals from the fund which are not committed to new vessel construction. (Sec. 4) Am…