[Federal Register Volume 64, Number 199 (Friday, October 15, 1999)]
[Notices]
[Page 55900]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27014]
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DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
[I.D. 101299C]
Fishing Vessel Capital Construction Fund Deposit/Withdrawal
Report
AGENCY: National Oceanic and Atmospheric Administration, Department of
Commerce.
ACTION: Proposed Collection; comment request.
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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 December 14,
1999.
ADDRESSES: Direct all written comments to Linda Engelmeier,
Departmental Forms Clearance Officer, Department of Commerce, Room
5327, 14th and Constitution Avenue NW, Washington DC 20230 (or via
Internet at LEngelme@doc.gov).
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection instrument(s) 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vessel's basis for depreciation by the amount withdrawn from the fund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 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.
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 34-82
Type of Review: Regular submission
Affected public: Business and other for-profit (commercial
fishermen, partnerships, and corporations)
Estimated Number of Respondents: 4,000
Estimated Time Per Response: 20 minutes
Estimated Total Annual Burden Hours: 1,650
Estimated Total Annual Cost to Public: $2,000
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: October 7, 1999.
Linda Engelmeier,
Departmental Forms Clearance Officer, Office of Chief Information
Officer.
[FR Doc. 99-27014 Filed 10-14-99; 8:45 am]
BILLING CODE 3510-22-F
