Capital Construction Fund Program
The purpose of the Capital Construction Fund (CCF) 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. Created by the Merchant Marine Act of 1936, as amended (46 U.S.C. 1177), the CCF Program enables fishermen to construct, reconstruct, or under limited circumstances, acquire fishing vessels with before-tax, rather than after-tax dollars. Under the CCF Program, the amount accumulated by deferring tax on fishing income, when used to help pay for a vessel project, represents the time value of deferred taxes on operating profit. The taxes are recovered by the Government by reducing the depreciable cost of the vessel.
Any U.S. citizen is eligible who owns or leases a U.S.-built fishing vessel of at least two net tons and has an acceptable program for constructing, reconstructing, or acquiring a fishing vessel of at least two net tons. The term "fishing vessel" includes vessels used commercially in the fisheries of the U.S. for catching, transporting, and processing fish. Also included are commercial passenger-carrying vessels used for fishing parties.Applications are accepted at any time. However, to be applicable to any given tax year, a CCF agreement must be executed and entered on or before the due date (with extensions) for filing your Federal tax return for that tax year.
- Capital Construction Fund Brochure (brief explanation of Fishing Vessel CCF program)
- Documents and Forms
- CCF Application Aids
- CCF Program Contacts
- CCF Regulations and Statute
- Past Newsletters
CCF Program, Financial Services Division (F/MB5)
National Marine Fisheries Service
1315 East West Highway
Silver Spring, MD 20910