[Federal Register Volume 64, Number 199 (Friday, October 15, 1999)]
[Notices]
[Page 55900]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27014]


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DEPARTMENT OF COMMERCE

National Oceanic and Atmospheric Administration
[I.D. 101299C]


Fishing Vessel Capital Construction Fund Deposit/Withdrawal 
Report

AGENCY: National Oceanic and Atmospheric Administration, Department of 
Commerce.

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)(2)(A)).

DATES: Written comments must be submitted on or before December 14, 
1999.

ADDRESSES: Direct all written comments to Linda Engelmeier, 
Departmental Forms Clearance Officer, Department of Commerce, Room 
5327, 14th and Constitution Avenue NW, Washington DC 20230 (or via 
Internet at LE[email protected]).

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, and 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vessel's basis for depreciation by the amount withdrawn from the fund 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 259.35 and P.L. 99-514 (The Tax Reform Act, 1986). 
The information collected 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 must also be 
reported annually to the Secretary of Treasury in accordance with the 
Tax Reform Act, 1986.

II. Method of Collection

    The 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: Business and other for-profit (commercial 
fishermen, partnerships, and corporations)
     Estimated Number of Respondents: 4,000
     Estimated Time Per Response: 20 minutes
     Estimated Total Annual Burden Hours: 1,650
     Estimated Total Annual Cost to Public: $2,000

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.

    Dated: October 7, 1999.
Linda Engelmeier,
Departmental Forms Clearance Officer, Office of Chief Information 
Officer.
[FR Doc. 99-27014 Filed 10-14-99; 8:45 am]
BILLING CODE 3510-22-F