A bill to amend section 883 of the Internal Revenue Code of 1954 with respect to exemption from taxation of earnings of ships under foreign flag.

[AI summary unavailable — showing source text] Provides that the income derived from the operation of foreign ships and aircraft shall not be exempt from taxation under the Internal Revenue Code if a substantial part of the ownership and/or control of such ship, or ships, is vested in a citizen of the United States, or any partner, affiliate, or subsidiary of such citizen, and if such ship, or ships, regularly serves a port or ports of the United States, and if a substantial portion of the gross income of such ship, or ships, is derived from commerce of the United States. (Amends 26 U.S.C. 883)…