The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.
MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004
Make sure you know how the new tax rules work!
March 11, 2005
Coast Guard faces "readiness gap"
"Despite spending increasing amounts to maintain operational assets, the Coast Guard is experiencing a continuing decline in fleet readiness," U.S. Coast Guard Commandant Admiral Tom Collins said yesterday in his prepared statement when testifying on the Coast Guard FY 2006 Budget Request before the House Appropriations Subcommittee on Homeland Security.
You can access the whole of his prepared statement here: https://www.piersystem.com/external/index.cfm?cid=786&fuseaction=EXTERNAL.docview&documentID=65807
Meantime, here's a small excerpt that underscores just how urgently recapitalization of the Coast Guard is needed:
The majority of the Coast Guard's operational assets will reach the end of their anticipated service lives by 2010, resulting in rising operating and maintenance costs, reduced mission effectiveness, unnecessary risks, and excessive wear and tear on our people. Listed below are some specific examples highlighting alarming system failure rates, increased maintenance requirements, and the subsequent impact on mission effectiveness:
Despite spending increasing amounts to maintain operational assets, the Coast Guard is experiencing a continuing decline in fleet readiness. Legacy cutters are now operating free of major equipment casualties (equipment failures that significantly impact mission performance) less than 50 percent of the time, despite the investment per operational day increasing by over 50 percent over the last six years. The resulting "readiness gap" negatively impacts both the quantity and quality of Coast Guard "presence"--critical to our ability to accomplish all missions. The FY 2006 budget continues the urgently-needed Coast Guard fleet recapitalization to address this readiness gap.