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., 73742 [2021-28189]

Agencies

• DEPARTMENT OF COMMERCE
• National Oceanic and Atmospheric Administration

[Federal Register Volume 86, Number 246 (Tuesday, December 28, 2021)]
[Notices]
[Page 73742]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-28189]



[[Page 73742]]

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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.

AGENCY: National Oceanic & Atmospheric Administration (NOAA), Commerce.

ACTION: Notice of information collection, request for comment.

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SUMMARY: The Department of Commerce, in accordance with the Paperwork 
Reduction Act of 1995 (PRA), invites 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. The 
purpose of this notice is to allow for 60 days of public comment 
preceding submission of the collection to OMB.

DATES: To ensure consideration, comments regarding this proposed 
information collection must be received on or before February 28, 2022.

ADDRESSES: Interested persons are invited to submit written comments to 
Adrienne Thomas, NOAA PRA Officer, at [email protected]. Please 
reference OMB Control Number 0648-0041 in the subject line of your 
comments. Do not submit Confidential Business Information or otherwise 
sensitive or protected information.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
specific questions related to collection activities should be directed 
to Richard VanGorder, Financial Assistance Specialist, NOAA/NMFS/F/MB5, 
1315 East-West Highway, Room 13113, Silver Spring, MD 20910, (301) 427-
8784, or [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract

    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 which 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.

II. Method of Collection

    The information will be collected on forms submitted electronically 
or by mail.

III. Data

    OMB Control Number: 0648-0041.
    Form Number(s): NOAA Form 34-82, NOAA Form 88-14.
    Type of Review: Regular submission (Revision and extension of a 
current information collection).
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,600.
    Estimated Time per Response: NOAA Form 34-82, 3.5 hours; NOAA Form 
88-14, 30 minutes; and 2.5 hours for the Certificate Family of Forms 
(includes Fishing Vessel CCF Application, Schedule A, Schedule B, 
Schedule of Tax Basis, and Certificate of Construction/Reconstruction).
    Estimated Total Annual Burden Hours for Respondents: 4,963 hours.
    Estimated Total Annual Cost for Respondents: $4,419 in 
recordkeeping/reporting costs.
    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

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology. Comments submitted in response to this notice will be 
summarized and/or included in the request for OMB approval of this 
information collection; they also will become a matter of public 
record.

Sheleen Dumas,
Department PRA Clearance Officer, Office of the Chief Information 
Officer, Commerce Department.
[FR Doc. 2021-28189 Filed 12-27-21; 8:45 am]
BILLING CODE 3510-22-P