To amend title 46, United States Code, with respect to grants for vessel concept development and infrastructure to build commercially viable specialty vessels for supporting energy transition initiatives, and for other purposes.
About This Bill
Committee
Latest Action · December 18, 2024
Referred to the House Committee on Transportation and Infrastructure.
The Shipbuilding Innovation Act establishes a grant program to help U.S. shipyards develop and build specialty vessels that support clean energy initiatives and use innovative, energy-efficient technology. The legislation authorizes $100 million annually from fiscal years 2025 through 2029 for shipyards to improve their infrastructure and construct these vessels, with the federal government covering up to 80 percent of project costs. The Maritime Administration must post funding notices within 15 days of an appropriations act and award grants within 120 days, while also conducting a market study on the opportunities for these specialty vessels. Grants can fund capital improvements and vessel construction but cannot be used for building acquisition or land purchases, and all materials must meet Buy America requirements with at least 70 percent domestic content initially, rising to 80 percent by 2029. The Secretary of Transportation must submit annual reports to Congress on the progress and outlook for U.S. vessels supporting energy transition efforts.
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