WASHINGTON -- Taxes on the tonnage of vessels arriving at U.S. ports have been extended until Jan. 1, 2011, part of President Bush's permanent tax-relief measures.
The Tax Increase Prevention and Reconciliation Act of 2005 also extends tonnage tax obligations to smaller vessels. Ships of 6,000 deadweight tons or larger will be assessed the tax, down from 10,000 deadweight tons.
Taxes range from $0.045 per ton for vessels arriving from ports in the Western Hemisphere to $0.135 per ton for all other vessels.
The president signed the tax bill on Wednesday. It permanently provides income and capital gains tax relief that Congress enacted in 2003.
The White House called the new law "a victory for American taxpayers."
-- R.G. Edmonson