Section 1. Short title
This Act may be cited as the Protecting American Investment in Shipbuilding Act of 2024.
(a) In general
With respect to a United States shipyard that has received Federal financial assistance, if the shipyard becomes majority-owned or controlled by foreign persons or entities, the shipyard shall immediately pay to the Secretary of the Treasury, for deposit in the general fund, an amount equal to all Federal financial assistance previously received by the shipyard.
(b) Rulemaking
The Secretary of the Treasury shall issue such rules as may be necessary to carry out this section.
(c) Definitions
In this section:
(1) Federal financial assistance
The term Federal financial assistance means any type of financial assistance (including grants, financing, tax credits, or otherwise) provided under any Federal program, including—
(A) title III of the Defense Production Act of 1950; or
(B) the CARES Act or any amendment made by the CARES Act.
(2) United States shipyard
The term United States shipyard means a shipyard that is majority-owned by United States persons.
Section 3. Prohibition on using Federal funds for capital improvements for shipyards not wholly-owned by United States persons
Notwithstanding any other provision of law, a shipyard that is not wholly-owned by United States persons may not use Federal funds for capital improvements.