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of <h1>International shipping profits taxed where management is based; other state taxation possible under limited conditions.</h1> Profits from international shipping operations are taxable only in the state where the enterprise's effective management is located. If operations in another state are substantial, profits may also be taxed there, limited to 5% of carriage receipts, and taxed at 50% of the normal rate. If management is on a ship, it is deemed in the state of the ship's home harbor or the operator's residence. Interest related to ship operations is considered shipping profits. Profits include those from container use and ship rentals in international traffic, and apply to joint ventures or international agencies.
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