[Federal Register Volume 77, Number 247 (Wednesday, December 26, 2012)]
[Notices]
[Pages 75970-75971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-30976]


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DEPARTMENT OF COMMERCE


Submission for OMB Review; Comment Request

    The Department of Commerce will submit 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.
    OMB Control Number: 0648-0041.
    Form Number(s): NOAA 34-82.
    Type of Request: Regular submission (extension of a current 
information collection).
    Number of Respondents: 2,000.
    Average Hours per Response: 20 minutes.
    Burden Hours: 667.
    Needs and Uses: 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withdrawn from the fund for its acquisition, construction, or 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.
    Affected Public: Business or other for-profit organizations.
    Frequency: Annually.
    Respondent's Obligation: Mandatory.
    OMB Desk Officer: [email protected].
    Copies of the above information collection proposal can be obtained 
by calling or writing Jennifer Jessup, Departmental Paperwork Clearance 
Officer, (202) 482-0336, Department of Commerce, Room 6616, 14th and

[[Page 75971]]

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 [email protected].

    Dated: December 19, 2012.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 2012-30976 Filed 12-21-12; 4:15 pm]
BILLING CODE 3510-22-P