Page:United States Statutes at Large Volume 41 Part 1.djvu/1018

 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 250. 1920. 997 Sec. 21. That from and after February 1, 1922, the coastwise laws Gcusrwiselnws. of the United States shall extend to the island Territories and pos- rel:-Eiiirismsdipx sessions of the United States not now covered thereby, and the board §§;';s Mm F°b'°=*¤' *· is directed prior to the expiration of such year to ave established Board to establish adequate steamship service at reasonable rates to accommodate the EiS'§$&_°°°"°°'“°° commerce and the passenger travel of said islands and to maintain and operate such service until it can be taken over and operated and maintained upon satisfactory terms by private capital and enterrise: Provzkled, 'l‘hat if adequate sbippinlg service is not established §;';'g‘;,s°{_;m 0, WML by February 1, 1922 the President s a extend the period herein allowed for the establishment of such service in the case of any island Territory or possession for such time as may be necessary for the establishment of adequate shipping facilities therefor: Promkled further, That until Congress shall ave authorized the registry as mgiéivgggingmwmw vessels of the United States of vessels owned in the Philippine Islands, nam. ° M"` the Government of the Philippine Islands is hereby authorized to adopt, from time to time, and enforce regulations governing] the transportation of merchandise and passengers between parts or p aces A _ _ _ in the Philippine Archipelago: And provided further, _ at the fore- ippi§€li§i’§,§‘$'§ .i2f§’,‘§‘,}; goin provisions of this section shall not take effect with reference to ;*,g*,{,gS<}]?,¤¤*° =°*Vi¤= the Philippine Islands rmtil the President of the United States after ' a full investi ation of the local needs and conditions shall, by proclamation, decglare that an adequate shipping service has been established as herein provided and fix a date for the going into effect of the same. Sec. 22. That the Act entitled "A11 Act giving the United States g<£0·;1*{)·}d;éSeB Shipping Board power to suspend dpresent provisions of law and (per- or mags registry ro, mit vessels of fore@ registry an foreign-built vessels admitte to '°€r${°‘.,;,, ,,_ 392, ,,, American registry under the Act of August 18, 191jl, to engage in the PWM- coastwise trade during the present war and for a period of one undred and twenty days thereafter, except the coastwise trade_withAlaska," ,,mm_ approved October 6, 1917, is hereby repealed: Provided, That all AFor-eign trim aq: foreign-built vessels admitted to Ame11cant1§§istry, owned on Febru- ,,,¥,§‘§§"§f‘,{‘Z,€}S,n‘{,{', bg ary 1, 1920, by persons citizens of the Um States, and all foreign- <>i¤¤°¤5· built vessels owned b the United States at the time of the enactment of this Act, when sold and owned by persons citizens of the United States, may engage in the coastwise trade so long as they continue in such ownership, subject to the rules and_regulations o such trade: Provided, That the board is authorized to issue permits for the carry- tmlfgygy ,m_lg;g*,j§;; ing of passengers in foreign ships if it deems it necessary so to do, Yerpétimioiatmm operating) between the Territory of Hawaii and the Pacific Coast * ‘ u to Fe rua 1 1922. pSec. 23. Tliiit the owner of a vessel documented under the laws of ,,,,”E§2{ .,%,§i°l‘§,,§§Z the United States and operated in fore1gn trade shall, for each of the {¤,ggc_¤¤*P¤ *¤ ’°”¤¤ ten taxable years while so operated,  with the first taxable year ending after the enactment of this Act, e allowed as a deduc· V tion for the p ose of ascertaining his net income subject to the ‘°‘·*°»P·*°“*· war-profits aiidp excess-profits taxes Imposed bg Title III of the Am mt Revenue Act of 1918 an amount equivalent to the net earmngs_of ° ‘ such vessel during such taxable year, determined in accordance with PMB rules and regulations to be made by the board; Pmmded, That such E,,u,,,'jjm, gmmt owner shall not be entitled to such deduction unless during such tall- f,‘;§§0*g§ ";'8s‘;'g*s°’°,,§ able year he invested, or set aside under rules and regulations to be Americansbipyms. made by the board  a trust fund for investment, in the budding in shipyards in the United States of new vessels of a type and kind approved by the board, an amount, to be determined by the_Secrctary of the reasury and certified by him to the board, equivalent to the war- rotits and excess-profits taxes that would have been pay; able by such owner on account of the net earnings of such vesse but for the deduction allowed under the provisions of this section: