Notice2022-10533
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
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
May 17, 2022
Issuing agencies
Commerce DepartmentNational Oceanic and Atmospheric Administration
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 95 (Tuesday, May 17, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 95 (Tuesday, May 17, 2022)]
[Notices]
[Page 29853]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-10533]
-----------------------------------------------------------------------
DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
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
The Department of Commerce will submit the following information
collection request to the Office of Management and Budget (OMB) for
review and clearance in accordance with the Paperwork Reduction Act of
1995, on or after the date of publication of this notice. We invite the
general public and other Federal agencies to comment on proposed, and
continuing information collections, which helps us assess the impact of
our information collection requirements and minimize the public's
reporting burden. Public comments were previously requested via the
Federal Register on December 28, 2021 during a 60-day comment period.
This notice allows for an additional 30 days for public comments.
Agency: National Oceanic & Atmospheric Administration (NOAA),
Commerce.
Title: Capital Construction Fund Agreement, Certificate Family of
Forms, and Deposit/Withdrawal Report.
OMB Control Number: 0648-0041.
Form Number(s): NOAA Form 34-82, NOAA Form 88-14.
Type of Request: Regular submission. Revision and extension of a
current information collection.
Number of Respondents: 1,575.
Average Hours per Response: NOAA Form 34-82, 2 hours; NOAA Form 88-
14, 2 hours; and 1.5 hours for the Certificate Family of Forms
(includes Fishing Vessel CCF Application, Schedule A, Schedule B,
Schedule of Tax Basis, Certificate of Construction/Reconstruction.
Total Annual Burden Hours: 2,900.
Needs and Uses: This request is for a revision and extension of a
currently approved information collection. The Merchant Marine Act of
1936, as amended by Public Law 91-469 and Public Law 99-514, provides
for the administration of a Capital Construction Fund (CCF) Program by
NOAA's National Marine Fisheries Service (NMFS). The law requires that
applicants enter into formal Agreements with the Secretary of Commerce.
The Agreement allows the fishermen to defer taxable income from
operation of their fishing vessels if the money is placed into an
account to fund the construction, reconstruction, or replacement of a
fishing vessel. The program requirements are detailed at 50 CFR part
259. The Agreement is a contract between the Secretary of Commerce and
the Agreement holder specifying the obligations of each party. Schedule
A specifies the vessel which earned the income which is eligible for
deposit in to a CCF account. Schedule B specifies the construction,
acquisition, or reconstruction objectives planned under the Agreement.
The Certificate of Construction/Reconstruction certifies the total cost
at completion of Schedule B objectives.
Under a Capital Construction Fund (CCF) Agreement, the participant
cannot deposit more than the amount specified at 46 U.S.C. 53505. NMFS
must approve any withdrawals made before they take place. It is
essential that a reasonably detailed record be kept of each
participant's deposit/withdrawal activity. If withdrawn monies are not
used for allowed purposes, the withdrawn amount (a nonqualified
withdrawal) is considered income to the participant in the year
withdrawn and taxed at the highest marginal tax rate for the entity
involved.
Respondents will be commercial fishing industry individuals,
partnerships, and corporations that entered into Capital Construction
Fund (CCF) agreements with the Secretary of Commerce. The information
collected from applicants for the CCF Agreement (NOAA Form 88-14) is
used to determine their eligibility to participate in the CCF Program.
The information collected from agreement holders for the Certificate
Family of Forms is used to identify their program eligible vessels,
their program projects, and to certify the cost of a project at
completion. The information collected on the Deposit/Withdrawal Report
(NOAA Form 34-82) is required to ensure that agreement holders are
complying with fund deposit/withdrawal requirements established in
program regulations and properly accounting for fund activity on their
Federal income tax returns. The information collected on the Deposit/
Withdrawal Report must also be reported semi-annually to the Secretary
of Treasury in accordance with Public Law 115- 97.
NMFS is proposing to add an additional form to the Certificate of
Family Forms, the Schedule of Tax Basis, which is required upon
completion of a Schedule B project in order to determine the remaining
tax basis of the qualified vessel.
Affected Public: Business or other for-profit organizations.
Frequency: NOAA Form 34-82 (annual); NOAA Form 88-14 (one time when
applying for program benefits); Certificate Family of Forms (varies).
Respondent's Obligation: Required to obtain or retain benefits.
Legal Authority: 46 U.S.C. 535, Public Law 115-97 and 50 CFR part
259.
This information collection request may be viewed at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>. Follow the instructions to view the Department of
Commerce collections currently under review by OMB.
Written comments and recommendations for the proposed information
collection should be submitted within 30 days of the publication of
this notice on the following website <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>.
Find this particular information collection by selecting ``Currently
under 30-day Review--Open for Public Comments'' or by using the search
function and entering either the title of the collection or the OMB
Control Number 0648-0041.
Sheleen Dumas,
Department PRA Clearance Officer, Office of the Chief Information
Officer, Commerce Department.
[FR Doc. 2022-10533 Filed 5-16-22; 8:45 am]
BILLING CODE 3510-22-P
</pre></body>
</html>Indexed from Federal Register on May 17, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.