46 U.S.C. § 57301

1. (1)The term “new vessel” means a vessel—
   1. (A)constructed under this subtitle and acquired within 2 years after the date of completion; or
   2. (B)constructed in a domestic shipyard on private account and not under this subtitle, and documented under the laws of the United States.
2. (2)The term “obsolete vessel” means a vessel that—
   1. (A)is of at least 1,350 gross tons;
   2. (B)the Secretary of Transportation believes should, because of its age, obsolescence, or other reasons, be replaced in the public interest; and
   3. (C)has been owned by a citizen of the United States for at least 3 years immediately before its acquisition under this chapter.