A bill to amend the Internal Revenue Code of 1986 to provide for the treatment of S corporations for purposes of election of the alternative tax on qualifying shipping activities, and for other purposes.

Amends the Internal Revenue Code to provide for the tax treatment of the notional shipping income of S corporation shareholders by requiring the inclusion of such income for purposes of the alternative tax on qualifying shipping activities and by imposing a 15% surtax on certain differential amounts related to such income.