Capital Construction Fund - Documents and Forms

The purpose of the Capital Construction Fund Program is to improve the fishing fleet by allowing fishermen to accelerate their accumulation of funds with which to replace or improve their fishing vessels.

Application Documents

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 that can be used for the construction, reconstruction, or acquisition and reconstruction of a qualified vessel. Applications are accepted at any time, but a complete application must be submitted by your tax due date, including extensions to be effective for that particular tax year.


List of All Capital Construction Fund Application Documents

Forms to Establish Projects

Complete a Schedule B form for each qualified vessel project. Schedule B data should include actual or anticipated plans for either construction, acquisition, or reconstruction. If you are not currently a Capital Construction Fund agreement holder, these forms should be submitted as part of the application.

Documents Dealing with Withdrawal Permission Requirements

Withdrawal permission is conditioned upon receipt of certain forms, including:

Deposit/Withdrawal Report Annual Filing (NOAA Form 34-82)

The Deposit/Withdrawal Report is required to be filed each year within 30 days after the due date of that year’s tax return, even if no deposits or withdrawals are made. The Deposit/Withdrawal Report must be signed and be attached to a complete copy of the tax return (as filed with the IRS).

Terminations

Prior to terminating your agreement, you must notify us in writing. You must include the date the account was closed or will be closed. Your file will be reviewed by Capital Construction Fund staff and any documents that are missing will be requested. We must receive all missing documents and all requirements of your Agreements must be met before we can terminate your Agreement. Under limited circumstances, you may be relieved of the paperwork burden of supplying missing Deposit/Withdrawal Reports and for tax returns by filing the following forms:

Last updated by Office of Management & Budget on July 15, 2019