[Federal Register Volume 67, Number 251 (Tuesday, December 31, 2002)]
[Notices]
[Page 79904]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-33035]


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DEPARTMENT OF COMMERCE

National Oceanic and Atmospheric Administration

[I.D. 122602B]


Proposed Information Collection; Comment Request; Capital 
Construction Fund Deposit/Withdrawal Report

AGENCY: National Oceanic and Atmospheric Administration (NOAA).

ACTION: Notice.

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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 March 3, 2003.

ADDRESSES: Direct all written comments to Diana Hynek, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6625, 14th 
and Constitution Avenue NW, Washington DC 20230 (or via Internet at 
[email protected]).

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instrument 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vessel's basis for depreciation by the amount withdrawn from the fund 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 part 259.35 and Public Law 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 
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 38-42.
    Type of Review: Regular submission.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 3,600.
    Estimated Time Per Response: 20 minutes.
    Estimated Total Annual Burden Hours: 1,200.
    Estimated Total Annual Cost to Public: $20,000.

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: December 20, 2002.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 02-33035 Filed 12-30-02; 8:45 am]
BILLING CODE 3510-22-S