[Federal Register Volume 87, Number 95 (Tuesday, May 17, 2022)]
[Notices]
[Page 29853]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-10533]


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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 
www.reginfo.gov. 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 www.reginfo.gov/public/do/PRAMain. 
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