[Federal Register Volume 77, Number 128 (Tuesday, July 3, 2012)]
[Notices]
[Pages 39468-39469]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-16175]


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DEPARTMENT OF COMMERCE

National Oceanic and Atmospheric Administration


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

[[Page 39469]]

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.

DATES: Written comments must be submitted on or before September 4, 
2012.

ADDRESSES: Direct all written comments to Jennifer Jessup, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6616, 14th 
and Constitution Avenue NW., Washington, DC 20230 (or via the 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 Richard VanGorder at (301) 427-8784 or 
[email protected].

SUPPLEMENTARY INFORMATION: 

I. Abstract

    This request is for an extension of a currently approved 
information collection. 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vessel's basis for depreciation by the amount withdrawn from the fund 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 
collected must also be reported semi-annually to the Secretary of 
Treasury in accordance with the Tax Reform Act.

II. Method of Collection

    The paper forms are currently required to be signed and mailed.

III. Data

    OMB Control Number: 0648-0041.
    Form Number: NOAA Form 34-82.
    Type of Review: Regular submission (extension of a current 
information collection).
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,000.
    Estimated Time per Response: 20 minutes.
    Estimated Total Annual Burden Hours: 667.
    Estimated Total Annual Cost to Public: $11,700 in recordkeeping/
reporting costs.

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: June 27, 2012.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 2012-16175 Filed 7-2-12; 8:45 am]
BILLING CODE 3510-22-P