Statements On Introduced Bills And Joint Resolutions

STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS -- (Senate - February 27, 2007)

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By Ms. COLLINS (for herself and Mr. Kennedy):

S. 687. A bill to amend the Internal Revenue Code of 1986 to provide a business credit against income for the purchase of fishing safety equipment; to the Committee on Finance.

Ms. COLLINS. Mr. President, I rise today to introduce the Commercial Fishermen Safety Act of 2007, a bill to help fishermen purchase the life-saving safety equipment they need to survive when disaster strikes. I am pleased to be joined by my colleague from Massachusetts, Senator Kennedy, in introducing this legislation.

Everyday, members of our fishing communities struggle to cope with the pressures of running a small business, complying with burdensome regulations, and maintaining their vessels and equipment. Added to these challenges are the dangers associated with fishing.

Year-in and year-out, commercial fishing ranks among the Nation's most dangerous occupations. Last August, when the Bureau of Labor Statistics released the most recent National Census of Fatal Occupational Injuries, fishing was the most dangerous occupation. While the national rate of occupational-related fatalities dropped by 1 percent in 2005, I am saddened to say that the fishing community saw an increase of almost 14 percent from the previous year. I have introducd similar measures in previous sessions of Congress, but these tragic statistics illustrate why this piece of legislation is absolutely needed right now.

And as we know, these statistics have a very real face to them. And sadly, the New England fishing community is certainly no stranger to the pain and loss of their own.

Last November, the small fishing community of Port Clyde saw the tragic loss of one their own. The Taylor Emily, a 48-foot fishing boat, capsized and sank about 80 miles east of Portland, ME. Tragically, long-time fisherman Jim Weaver perished in this incident. Another fisherman aboard the boat, Christopher Yattaw, was saved when the Taylor Emily sank. Chris treaded the frigid waters for almost an hour, but finally, the boat's life raft inflated. Almost 8 hours later, Chris was rescued from the life raft by a passing fishing vessel. This incident could have been even more tragic if the critical live-saving equipment had not been aboard.

Coast Guard regulations require all fishing vessels to carry safety equipment. The requirements vary depending on factors such as the size of the vessel, the temperature of the water, and the distance the vessel travels from shore to fish. Required equipment can include a life raft that automatically inflates and floats free, should the vessel sink. This is what saved Christopher Yattaw's life. Other live-saving equipment includes: personal flotation devices or immersion suits which help protect fishermen from exposure and increase buoyancy; EPIRBs, which relay a downed vessel's position to Coast Guard Search and Rescue Personnel; visual distress signals; and fire extinguishers. When an emergency arises, safety equipment is priceless. At all other times, the cost of purchasing or maintaining this equipment must compete with other expenses such as loan payments, fuel, wages, maintenance, and insurance.

The Commercial Fishermen Safety Act of 2007 provides a tax credit equal to 75 percent of the amount paid by fishermen to purchase or maintain required safety equipment. The tax credit is capped at $1,500. Items such as EPIRBs and immersion suits cost hundreds of dollars, while life rafts can reach into the thousands. The tax credit will make life-saving equipment more affordable for more fishermen, who currently face limited options under the Federal tax code.

We have seen far too many tragedies in this occupation. Please, let us support fishermen who are trying to prepare in case disaster strikes. Safety equipment saves lives. By providing a tax credit for the purchase of safety equipment, Congress can help ensure that fishermen have a better chance of returning home each and every time they head out to sea.

I ask unanimous consent that the text of the bill be put in the RECORD.

There being no objection, the text of the bill was ordered to be printed in the Record

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