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The SHIPS for America Act of 2024 establishes comprehensive federal policies to strengthen U.S. maritime capabilities, shipbuilding capacity, and the merchant marine workforce. The bill creates a Maritime Security Trust Fund, expands cargo preference requirements for U.S.-flagged vessels, provides financial incentives and tax credits for shipbuilding and vessel construction, and implements workforce development programs including loan forgiveness for merchant mariners and expanded maritime academy funding. It also establishes new oversight structures, regulatory reforms, and strategic sealift programs to increase the competitiveness of the U.S. maritime industry and reduce dependence on foreign shipping.
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