[Federal Register Volume 61, Number 205 (Tuesday, October 22, 1996)]
[Notices]
[Pages 54776-54777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-26997]
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DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
Fisheries Capital Construction Fund Deposit/Withdrawal Report
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)(A)).
DATES: Written comments must be submitted on or before December 23,
1996.
ADDRESSES: Direct all written comments to Linda Engelmeier, Management
Analyst, Department of Commerce, Room 5327, 14th and Constitution
Avenue, NW, Washington, DC 20230.
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, or 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vessel's basis for depreciation by the amount withdrawn from the fund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
[[Page 54777]]
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 collection of 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: Businesses and other-for profit organizations--
commercial fishermen, partnerships, and corporations with Capital
Construction Fund agreements.
Estimated Number of Respondents: The universe of respondents is
estimated at 4,000 annually. Number of responses is estimated at 5,000
due to some participants having more than one agreement.
Estimated Time Per Response: Preparation of reports is estimated at
20 minutes per report. The total annual burden of hours is estimated at
1,650 hours per year.
Estimated Total Annual Cost: No capital, operations, or maintenance
costs are expected.
IV. Request for Comments
Comments are invited on: (a) Whether the proposed collection of
information is necessary for 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 will also become a matter of public record.
Dated: October 7, 1996.
Linda Engelmeier,
Management Analyst, Office of Management and Organization.
[FR Doc. 96-26997 Filed 10-21-96; 8:45 am]
BILLING CODE 3510-22-P
