The law requires that applicants enter into a formal agreement with the Secretary of Commerce. The agreement allows the vessel's owner to deposit tax deferred funds which can be used for the construction, reconstruction, or acquisition and reconstruction of a qualified vessel. Applications are accepted at any time, however a complete application must be submitted by your tax due date including extensions to be effective for that particular tax year. These forms are all .pdf files. Adobe Acrobat Reader is required to view .pdf files.
Various versions are available for different systems.
Complete a Schedule A for each income producing vessel. Complete a Schedule B form for each qualified vessel project. Schedule B data should include actual or anticipated plans for either construction, acquisition, reconstruction or safety reconstruction. If you are not currently a CCF agreement holder, these forms should be submitted as part of the application. CCF funds can be used for acquisition and installation of safety equipment if the expenditure is required under the Commercial Fishing Industry Vessel Safety Act of 1988, or its central purpose is to materially increase the safety of the vessel.