In this chapter:
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.
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.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1662.)
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