NOAA Renews Tax-Free Boat Fund Forms for Fishermen
Published Date: 3/31/2025
Notice
Summary
NOAA is asking for public feedback on renewing forms that help fishermen save money tax-free to build or fix their fishing boats. This renewal won’t cost anyone extra but keeps the program running smoothly. If you’re involved in fishing or manage these funds, your input by May 30, 2025, is super important!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Tax deferral for fishermen's vessel projects
If you are a commercial fishing individual or business with a Capital Construction Fund (CCF) Agreement, you may defer taxable income from operation of your fishing vessel by placing money into a CCF account to fund construction, reconstruction, or replacement of a fishing vessel under the Merchant Marine Act of 1936 and 50 CFR part 259. You may not deposit more than the amount specified at 46 U.S.C. 53505 under a CCF Agreement.
Tax on nonqualified withdrawals
If you withdraw CCF monies and they are not used for allowed purposes (a nonqualified withdrawal), the withdrawn amount is treated as income in the year withdrawn and is taxed at the highest marginal tax rate for the entity involved. That tax treatment applies in the year the nonqualified withdrawal occurs.
Forms renewal and paperwork burden
NOAA is renewing the approved information collection for the CCF program (Forms 88-14 and 34-82). The agency estimates 1,575 respondents, 2 hours per response, 2,900 total annual burden hours, and an estimated total annual cost to the public of $4,000; respondents are required to submit these forms to obtain or retain CCF benefits.
Semi‑annual reporting to Treasury
Deposit/Withdrawal Reports for CCF accounts (NOAA Form 34-82) must be reported semi-annually to the Secretary of the Treasury in accordance with Public Law 115-97. Agreement holders must maintain records and provide these semi-annual reports to ensure compliance with fund deposit/withdrawal requirements.
NMFS approval required for early withdrawals
Under a CCF Agreement, the National Marine Fisheries Service (NMFS) must approve any withdrawals made before they take place. Agreement holders therefore cannot make early withdrawals from their CCF accounts without prior NMFS approval.
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Key Dates
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