§ 57301. Definitions

In this chapter:

• (1) The term “new vessel” means a vessel—
  • (A) constructed under this subtitle and acquired within 2 years after the date of completion; or
  • (B) constructed in a domestic shipyard on private account and not under this subtitle, and documented under the laws of the United States.
• (2) The term “obsolete vessel” means a vessel that—
  • (A) is of at least 1,350 gross tons;
  • (B) the Secretary of Transportation believes should, because of its age, obsolescence, or other reasons, be replaced in the public interest; and
  • (C) has been owned by a citizen of the United States for at least 3 years immediately before its acquisition under this chapter.