Amends the Federal Boat Safety Act to declare that until there is a final judicial determination that certain waters in the State of New Hampshire are "navigable waters of the United States," they are declared not to be waters subject to the jurisdiction of the United States.

Provides that a manufacturer's duty to notify buyers of defects in a boat or associated equipment shall be limited to defects or failures of compliance discovered within five years from the date of certification or, in the absence of a certification date, within five years of the date of manufacture.

Authorizes the Secretary to establish procedures to be followed by dealers and distributors in assisting manufacturers in obtaining information on defects for failures of compliance by boats or associated equipment.

Requires that fees charged by States in connection with vessel numbering shall apply equally to residents and nonresidents of a State.

Provides that Federal funds allocated to a State in any fiscal year may not exceed 50 percent of the total cost of that State's boating safety program for that year.

Amends the Safe Boating Act of 1971 to extend from 18 to 24 months the period which the Secretary of the Department in which the Coast Guard is operating may interpose, at his discretion, between the date of issuance of a boating safety standard requiring major changes in the boat manufacturing industry and the effective date of such safety standard.

Authorizes the Secretary to conduct research, testing, and development necessary to carry out the purposes of the Federal Boat Safety Act.

Provides that a manufacturer's duty to notify buyers of defects in the boat or associated equipment shall be limited to defects or failures of compliance discovered by the manufacturer within three calendar years after the year in which the boat or associated equipment involved is first offered for sale by the manufacturer or within the life of the warranty on the boat or associated equipment involved, whichever period is longer.

Directs that the Federal share of the total cost of a State's boating safety program may not exceed 50 percent in any fiscal year for which funds are appropriated under this Act.