Shipbuilding Trade Agreement Act

TABLE OF CONTENTS:

Title I: Injurious Pricing and Countermeasures

Title II: Other Provisions

Title III: Revenue Offset

Shipbuilding Trade Agreement Act - Declares that the Congress approves the Agreement Respecting Normal Competitive Conditions in the Commercial Shipbuilding and Repair Industry (Shipbuilding Agreement), a reciprocal trade agreement resulting from negotiations under the auspices of the Organization for Economic Cooperation and Development, entered into on December 21, 1994.

Title I: Injurious Pricing and Countermeasures - Amends the Tariff Act of 1930 to impose an injurious pricing charge upon the foreign producer of a vessel sold to U.S. buyers at less than fair value if the U.S. International Trade Commission determines that as a result of the sale an industry in the United States: (1) has been materially injured, or is threatened with material injury; or (2) the establishment of an industry in the United States is or has been materially retarded.

(Sec. 101) Prescribes procedural guidelines for: (1) an injurious pricing investigation by an administering authority (Secretary of Commerce, or any other Federal officer to whom such responsibilities are transferred); (2) collection of such an injurious pricing charge; and (3) imposition of countermeasures.

Prescribes guidelines for: (1) injurious pricing petitions by third countries, and by interested parties with respect to a sale by a foreign producer in a Shipbuilding Agreement Party to a buyer in a third country that is a Shipbuilding Agreement Party; (2) a comparison between export price and normal value in order to determine whether a subject vessel has been sold at less than fair value; (3) determinations on the basis of available facts; and (4) conduct of investigations. Authorizes the U.S. Trade Representative to request the Commission to issue an advisory report, and to notify certain congressional committees, if a dispute settlement panel finds that a Commission action is not in conformity with U.S. obligations under the Shipbuilding Agreement.

(Sec. 102) Directs the Customs Service to deny any request, with certain exceptions, for a permit to lade or unlade passengers, merchandise, or baggage from or onto vessels appearing on a countermeasures list pursuant to this Act.

(Sec. 103) Provides for judicial review in injurious pricing and countermeasure proceedings.

Title II: Other Provisions - Amends the Tariff Act of 1930 to exempt certain Shipbuilding Agreement Party vessels from the customs duty on equipment purchased for, and repairs made in a foreign country, upon a vessel documented under U.S. law to engage in the foreign or coastwise trade. Specifies as so exempt: (1) self-propelled seagoing vessels of 100 gross tons or more used for transportation of goods or persons or for performance of a specialized service (including, but not limited to, ice breakers and dredges); and (2) tugs of 365 kilowatts or more.

(Sec. 202) Precludes any private right of action under the Shipbuilding Agreement.

(Sec. 204) Amends the Merchant Marine Act, 1936 to include a Shipbuilding Agreement vessel within its eligibility guidelines on construction-differential and operating-differential subsidies.

Revises guidelines for Federal loans and guaranteed loans for shipbuilding.

(Sec. 205) Provides, with respect to the Shipbuilding Agreement, for: (1) Party withdrawal; (2) non-effect on specified other laws; and (3) protection of U.S. interests.

Title III: Revenue Offset - Amends Internal Revenue Code provisions which allow a taxpayer to exclude from gross income any such income derived from the international operation of a ship, provided the taxpayer takes the position and discloses on the tax return that such income is not includible in his or her gross income. Sets forth penalties for failure to disclose such position on the tax return, with an exception for failure due to reasonable cause and not to willful neglect.