13 Aug 2025
🛥️Insights on Capital Construction Fund and Regulatory Compliance
Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Capital Construction Fund Agreement, Certificate Family of Forms and Deposit/Withdrawal Report
Summary
The Department of Commerce announces a public comment request regarding the Capital Construction Fund Agreement and associated forms, emphasizing compliance with reporting requirements for the fishing industry. This program allows participants to defer taxable income for qualified vessel construction while outlining the obligations related to deposits and withdrawals.
Agencies
- Commerce Department
- National Oceanic and Atmospheric Administration
Business Impact
$$ - Med
The document outlines the Capital Construction Fund (CCF) program, which allows commercial fishermen to defer taxable income when funds are deposited for vessel construction. Compliance with reporting requirements and the potential tax implications of nonqualified withdrawals imposes responsibilities on businesses, indicating financial and regulatory impacts.