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DITCH Act
12/29/2022, 8:48 AM
Summary of Bill HR 9385
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. This would help prevent these vessels from leaking pollutants into the water, becoming hazards for other boaters, or causing damage to marine ecosystems.
Additionally, the bill includes provisions for increasing penalties for vessel owners who abandon their boats, as well as measures to improve the tracking and identification of vessels to hold owners accountable. Overall, the DITCH Act seeks to address the problem of abandoned and derelict vessels in US waterways through a combination of funding, enforcement, and prevention measures. It is currently being reviewed by Congress and has garnered bipartisan support for its efforts to protect the environment and promote safe navigation.
Congressional Summary of HR 9385
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.
