Eligible Vessel Law and Legal Definition
Federal law defines eligible vessel as, “any vessel:
1) Constructed in the United States, and if reconstructed, reconstructed in the United States,
2) Documented under the laws of the United States, and
3) Operated in the foreign or domestic commerce of the United States or in the fisheries of the United States. Any vessel which was constructed outside of the United States but documented under the laws of the United States on April 15, 1970, or constructed outside the United States for use in the U.S. foreign trade pursuant to a contract entered into before April 15, 1970, shall be treated as satisfying the requirements of subdivision (i) of this subparagraph and the requirements of subparagraph (2)(i) of this section." (26 CFR 3.11)
