DITCH Act
3/13/2024, 5:07 PMSummary of Bill S 2750
The DITCH Act, also known as Bill 118 s 2750, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of abandoned and derelict vessels in US waterways. These vessels can pose a threat to the environment, public safety, and navigation.The DITCH Act aims to establish a grant program that would provide funding to states and local governments to remove and dispose of abandoned vessels. The bill also includes provisions for increasing penalties for vessel owners who abandon their vessels, as well as measures to improve the tracking and identification of abandoned vessels.
Additionally, the DITCH Act seeks to streamline the process for removing abandoned vessels by providing a clear legal framework for authorities to follow. This would help expedite the removal of these vessels and reduce the potential harm they can cause to the environment and public safety. Overall, the DITCH Act is a bipartisan effort to address the issue of abandoned and derelict vessels in US waterways. By providing funding, increasing penalties, and streamlining the removal process, this bill aims to protect the environment and ensure the safety of those using US waterways.
Congressional Summary of S 2750
Dump Investments in Troublesome Communist Holdings Act or the DITCH Act
This bill denies an organization a tax exemption if it holds any interest in a disqualified Chinese company or fails to timely transmit required annual reports. A disqualified Chinese company is any corporation incorporated in China, or that invests more than 10% of its stock in certain Chinese entities, including entities controlled by the Chinese Communist Party.
The Department of the Treasury may grant organizations a waiver of the denial of the tax exemption under specified circumstances.
Organizations that hold any interest in a disqualified Chinese company must file annual reports describing each interest held in the company, the period during which such interest was held, and whether the organization has been granted a waiver.
