Capital Construction Fund - Documents and Forms
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.
INDIVIDUAL GROUPING OF CCF APPLICATION DOCUMENTS
Schedule A and Schedule B Forms
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.
- Schedule A - Eligible Vessel
- Schedule B - Qualified Vessel for Construction, Acquisition and/or Mortgage Payments
- Schedule B - Qualified Vessel for Reconstruction
- Schedule B - Qualified Vessel for Safety Reconstruction
Energy Savings Projects
CCF Regulations at 50 CFR 259.31(d) allows the use of CCF funds to include qualified withdrawals for acquisition and installation of equipment to improve the energy efficiency of a fishing vessel. Energy savings projects must be for a Schedule A listed CCF Agreement vessel, and must otherwise be for the purchase of a capitalizable item. When tax deferred CCF funds are used, the tax basis of the energy saving equipment must be reduced. The Regulation allows the use of CCF funds to pay for fishing vessel energy saving projects without regard to the usual reconstruction requirements of: (1) the cost of the energy saving project; (2) whether the fishing vessel involved in the energy saving project had its useful life extended, its value increased, or was converted to a different fisheries use; and, (3) conditional fishery requirements.
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. This objective is limited to safety items only.
Documents Dealing with Withdrawal permission Requirements
Withdrawal permission is conditioned upon receipt of certain forms. These forms include:
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).
- NOAA FORM 34-82 General Information
- Deposit/Withdrawal Report Form
- Net Proceeds Worksheet
- Non-Qualified Withdrawals Interest Rate
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 the CCF 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: