[Federal Register Volume 61, Number 205 (Tuesday, October 22, 1996)]
[Notices]
[Pages 54776-54777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-26997]


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DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration


Fisheries Capital Construction Fund Deposit/Withdrawal Report

ACTION: Proposed collection; comment request.

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SUMMARY: The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to take this opportunity to comment on 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506 
(c)(A)).

DATES: Written comments must be submitted on or before December 23, 
1996.

ADDRESSES: Direct all written comments to Linda Engelmeier, Management 
Analyst, Department of Commerce, Room 5327, 14th and Constitution 
Avenue, NW, Washington, DC 20230.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instrument(s) and instructions 
should be directed to Charles L. Cooper, Financial Services Division, 
Office of Sustainable Fisheries, National Marine Fisheries Service, 
1315 East-West Highway, Silver Spring, Maryland 20910, (301) 713-2396.

SUPPLEMENTARY INFORMATION:

I. Abstract

    Respondents will be commercial fishing industry individuals, 
partnerships, or corporations which entered into Capital Construction 
Fund agreements with the Secretary of Commerce allowing deferral of 
Federal taxation on fishing vessel income deposited into the fund for 
use in the acquisition, construction, or reconstruction of fishing 
vessels. Deferred taxes are recaptured by reducing an agreement 
vessel's basis for depreciation by the amount withdrawn from the fund 
for its acquisition, construction, or reconstruction. The deposit/
withdrawal information collected from agreement holders is required 
pursuant to 50 CFR Part 259.35 and P.L. 99-514 (The Tax Reform Act, 
1986). The information collected is required to ensure that agreement

[[Page 54777]]

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 
must also be reported annually to the Secretary of Treasury in 
accordance with the Tax Reform Act, 1986.

II. Method of Collection

    The collection of information will be collected on the Capital 
Construction Fund--Deposit/Withdrawal Report form which agreement 
holders are required to submit at the end of their tax year.

III. Data

    OMB Number: 0648-0041.
    Form Number: NOAA Form 34-82.
    Type of Review: Regular Submission.
    Affected Public: Businesses and other-for profit organizations--
commercial fishermen, partnerships, and corporations with Capital 
Construction Fund agreements.
    Estimated Number of Respondents: The universe of respondents is 
estimated at 4,000 annually. Number of responses is estimated at 5,000 
due to some participants having more than one agreement.
    Estimated Time Per Response: Preparation of reports is estimated at 
20 minutes per report. The total annual burden of hours is estimated at 
1,650 hours per year.
    Estimated Total Annual Cost: No capital, operations, or maintenance 
costs are expected.

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for 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 will also become a matter of public record.

    Dated: October 7, 1996.
Linda Engelmeier,
Management Analyst, Office of Management and Organization.
[FR Doc. 96-26997 Filed 10-21-96; 8:45 am]
BILLING CODE 3510-22-P