“Chairman Boustany and Tiberi, thank you for calling this important hearing today on maritime tax issues. This is a topic that is particularly important to my home state of Massachusetts. The ports of Massachusetts have played an important role throughout our history. Plymouth, sometimes know as ‘America's hometown,’ is where the Mayflower and the pilgrims first landed in the Americas in 1620. Gloucester, an important fishing port both today and throughout our history, is reportedly where the first schooner was built in 1713. And, of course, the Boston tea party occurred in Boston harbor in 1773.
“And today, the Massachusetts' seaports continue to play an important role as economic drivers. According to Mike Leone, the Director of the Port of Boston, who is testifying before us today, America's ports help generate almost 30 percent of Gross Domestic Product and support more than 13 million jobs. America's ports provide a vital gateway to international trade by facilitating the transport of cargo around the world.
“I'm also glad that we're examining the Harbor Maintenance Trust Fund today. Many ports around the country, including in Massachusetts, are in need of maintenance. In fact, the U.S. Army Corps of Engineers estimates that full channel dimensions at the nation's busiest 59 ports are available less than 35 percent of the time. However, even though users of our nation's waterways are paying significant amounts of money into the trust fund to maintain our ports, these dollars are not being spent on the ports and the trust fund has a surplus of about $6.4 billion.
“I am very excited about the prospects of the expansion of the Panama Canal that is expected to be completed in 2014. However, the United States needs to ensure that we're ready to handle the increased flow of trade and exports that this project is expected to generate.
“To address this situation, I'm pleased to co-sponsor Chairman Boustany and Representative Courtney's Realize America's Maritime Promise Act. This important legislation will ensure that the revenue from the harbor maintenance tax is used exclusively for harbor maintenance projects.
“Mike, I'd like to thank you again for coming down from Boston to join us today and providing us with the perspective of the Massachusetts' ports. I'd also like to thank our other witnesses for joining us today.
“Thank you, Mr. Chairman."
