National Security Sealift Enhancement Act of 1999

[AI summary unavailable — showing source text] National Security Sealift Enhancement Act of 1999 - Title I: Capital Construction Fund - Amends Internal Revenue Code (IRC) and Tariff Act of 1930 provisions concerning Merchant Marine capital construction funds to, among other things: (1) permit withdrawals from such funds to reduce the principal amount of a qualified lease of a qualified vessel or container which is part of the complement of an eligible vessel; and (2) permit the deposit of a duty into such a fund in lieu of payment to the Secretary of the Treasury. Title II: Election to Expense United States Flag Vessels - Permits, under the IRC, a taxpayer to elect to treat the cost of any vessel that is a qualified U. S. flag vessel as an expense which is not chargeable to its capital account. Title III: Income Exclusion for Merchant Seamen - Permits the income of certain merchant seaman to be excluded from gross income under IRC provisions permitting such exclusion for U.S. citizens or residents living abroad. Title IV: Exemption from Alternative Minimum Tax - Provides that the tentative minimum tax shall be zero for certain corporations which derive substantially all of their assets from the operation of U.S. flag vessels. T…