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[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2960 Introduced in Senate (IS)]

106th CONGRESS
  2d Session
                                S. 2960

To provide for qualified withdrawals from the Capital Construction Fund 
   (CCF) for fishermen leaving the industry and for the rollover of 
       Capital Construction Funds to individual retirement plans.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 27, 2000

   Mr. Wyden introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL

 
To provide for qualified withdrawals from the Capital Construction Fund 
   (CCF) for fishermen leaving the industry and for the rollover of 
       Capital Construction Funds to individual retirement plans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as ``The Capital Construction Fund (CCF) 
Qualified Withdrawal Act of 2000''.

SEC. 2. EXPANSION OF PURPOSES OF THE CAPITAL CONSTRUCTION FUND BY 
              AMENDING THE MERCHANT MARINE ACT OF 1936.

    Section 607(a) of the Merchant Marine Act, 1936 (46 U.S.C. App. 
1177(a)) is amended by striking ``of this section.'' and inserting ``of 
this section. Any agreement entered into under this section may be 
modified for the purpose of encouraging the sustainability of the 
fisheries of the United States by making the termination and withdrawal 
of a capital construction fund a qualified withdrawal if done in 
exchange for the retirement of the related commercial fishing vessels 
and related commercial fishing permits.''.

SEC. 3. NEW QUALIFIED WITHDRAWALS.

    (a) Amendments to Merchant Marine Act of 1936.--Section 607(f)(1) 
of the Merchant Marine Act of 1936 (46 U.S.C. App. 1177(f)(1)) is 
amended--
            (1) in subparagraph (B) by striking ``vessel, or'' and 
        inserting ``vessel,'';
            (2) in subparagraph (C) by striking ``vessel.'' and 
        inserting ``vessel,''; and
            (3) by inserting after subparagraph (C) the following new 
        subparagraphs:
                    ``(D) the payment of an industry fee authorized by 
                the fishing capacity reduction program, 16 U.S.C. 1861,
                    ``(E) in the case of any such person or shareholder 
                for whose benefit such fund was established, a rollover 
                contribution (within the meaning of section 408(d)(3) 
                of the Internal Revenue Code of 1986) to such person's 
                individual retirement plan (as defined in section 
                7701(a)(37) of such Code), or
                    ``(F)(i) for the payment of a corporation or person 
                terminating a capital construction fund and retiring 
                related commercial fishing vessels and permits.
                    ``(ii) The Secretary by regulation shall establish 
                procedures to ensure that any person making a qualified 
                withdrawal authorized by (F)(i) retires the related 
                commercial use of fishing vessels and commercial 
                fishery permits.''.
    (b) Amendments to Internal Revenue Code of 1986.--Section 
7518(e)(1) of the Internal Revenue Code of 1986 (relating to purposes 
of qualified withdrawals) is amended by inserting after subparagraph 
(C) the following new subparagraphs:
                    ``(D) the payment of an industry fee authorized by 
                the fishing capacity reduction program, 16 U.S.C. 1861,
                    ``(E) in the case of any such person or shareholder 
                for whose benefit such fund was established, a rollover 
                contribution (within the meaning of section 408(d)(3) 
                of the Internal Revenue Code of 1986) to such person's 
                individual retirement plan (as defined in section 
                7701(a)(37) of such Code), or
                    ``(F)(i) for the payment of a corporation or person 
                terminating a capital construction fund and retiring 
                related commercial fishing vessels and permits.
                    ``(ii) The Secretary by regulation shall establish 
                procedures to ensure that any person making a qualified 
                withdrawal authorized by (F)(i) retires the related 
                commercial use of fishing vessels and commercial 
                fishery permits.''.
                                 <all>
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