SENATOR COLLINS ANNOUNCES COMMERCIAL FISHERMEN’S SAFETY TAX CREDIT

U.S. Senator Susan Collins has introduced bipartisan legislation, cosponsored by Senator Ted Kennedy of Massachusetts, to assist commercial fishermen purchase live-saving safety equipment. The bill would provide tax credits to help make safety equipment more affordable.

The "Commercial Fishermen Safety Act" is designed to help fishermen who have numerous pressures experienced by most small businesses; including rising insurance costs, maintaining their vessels, and burdensome regulation. Unfortunately, the cost of safety equipment adds to these challenges. This legislation would provide a 75% tax credit for the purchase and maintenance of the numerous pieces of safety equipment needed on the average commercial fishing vessel. This tax credit would be capped at $1,500.

"In a moment of crisis on the open ocean, safety equipment is priceless," noted Senator Collins. "The financial pressures on the average commercial fisherman can be prohibitive on the purchase and maintenance of safety equipment. The fishing industry has experienced far too many tragedies in its history. It is my hope that this legislation can make the industry safer and save lives."