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          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

          Provisions expressly mentioned in the judgment/order text.

          <h1>Tonnage tax reserve requirement restricts distribution and conditions reserve use to avoid re taxation under the general law.</h1> A tonnage tax company must credit at least twenty percent of book profit from qualifying shipping activities to a Tonnage Tax Reserve Account; shortfalls may be carried forward once but two consecutive years of failure terminates the option. Reserve sums must be used within eight years to acquire new ships or for qualifying shipping operations; misuse, non use, or sale within three years causes a proportionate amount to be taxed under general provisions, reduced by the tonnage income earlier taxed.

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