[Federal Register Volume 68, Number 76 (Monday, April 21, 2003)]
[Notices]
[Page 19515]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-9789]



[[Page 19515]]

-----------------------------------------------------------------------

DEPARTMENT OF COMMERCE

[I.D. 041503D]


Submission for OMB Review; Comment Request

    The Department of Commerce has submitted to the Office of 
Management and Budget (OMB) for clearance the following proposal for 
collection of information under the provisions of the Paperwork 
Reduction Act (44 U.S.C. Chapter 35).
    Agency: National Oceanic and Atmospheric Administration (NOAA).
    Title: Capital Construction Fund Deposit/Withdrawal Report.
    Form Number(s): NOAA Form 38-42.
    OMB Approval Number: 0648-0041.
    Type of Request: Regular submission.
    Burden Hours: 1,200.
    Number of Respondents: 3,600.
    Average Hours Per Response: 20 minutes.
    Needs and Uses: The respondents to this collection 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the amount withdrawn from the fund for its acquisition, construction, 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 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.
    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.
    Affected Public: Business or other for-profit organizations.
    Frequency: Annually.
    Respondent's Obligation: Mandatory.
    OMB Desk Officer: David Rostker, (202) 395-3897.
    Copies of the above information collection proposal can be obtained 
by calling or writing Diana Hynek, Departmental Paperwork Clearance 
Officer, (202) 482-0266, Department of Commerce, Room 6625, 14th and 
Constitution Avenue, NW, Washington, DC 20230 (or via the Internet at 
[email protected]).
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to David Rostker, OMB Desk Officer, Room 10202, New Executive Office 
Building, Washington, DC 20503.

    Dated: April 14, 2003.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 03-9789 Filed 4-18-03; 8:45 am]
BILLING CODE 3510-22-S