MARAD seeks comments on renewing Capital Construction Fund paperwork requirements
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice would renew the paperwork requirements for the Capital Construction Fund program, which lets eligible U.S.-flag vessel owners and operators defer certain federal income taxes when they set aside funds for vessel construction, reconstruction, or acquisition. Businesses that use or want to use the program may need to continue submitting applications, annual schedules, and supporting exhibits so MARAD can check eligibility and compliance. The agency says the renewal makes no changes to the existing collection and that the estimated number of respondents and burden hours has decreased since the last approval.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Renews the existing OMB-approved information collection for the Capital Construction Fund program
- Keeps the current application, annual schedule, and exhibit requirements without change
- Reports a lower estimated number of respondents, responses, and burden hours since the last renewal
Obligations
What this law requires
Applicants seeking to enter a Capital Construction Fund agreement must submit an application and required supporting exhibits so MARAD can determine eligibility under 46 U.S.C. chapter 535.
Capital Construction Fund agreement participants must submit annual schedules and appropriate exhibits for MARAD to assess ongoing compliance with program requirements.