Fishermen's Boat Fund Forms Get Another Bureaucratic Lifeline
Published Date: 8/13/2025
Notice
Summary
NOAA is renewing its paperwork for the Capital Construction Fund, which helps fishermen save money tax-free to build or fix their boats. About 1,225 fishermen will keep filling out forms that take 1.5 to 2 hours each, with no big changes or new costs. The government is asking for comments for 30 more days before final approval, keeping the process smooth and fair.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Tax deferral for vessel construction
Under a Capital Construction Fund (CCF) Agreement, fishermen can defer taxable income from operation of their fishing vessels by placing money into a CCF account to fund construction, reconstruction, or replacement of a fishing vessel. The program is administered under the Merchant Marine Act of 1936 and implemented at 50 CFR part 259.
Deposit limits governed by statute
A CCF participant cannot deposit more than the amount specified at 46 U.S.C. 53505 into a CCF account. The statutory limit controls how much income may be deferred into the fund.
Strict withdrawal rules and tax consequence
Withdrawals from a CCF require NMFS approval before they occur, and any withdrawn monies not used for allowed purposes (a nonqualified withdrawal) are treated as income in the year withdrawn and taxed at the highest marginal tax rate for the entity involved. Deposit/withdrawal activity must be tracked and reported.
Paperwork burden continues for fishermen
NOAA is renewing the Capital Construction Fund paperwork that about 1,225 fishermen will keep filing. Forms (NOAA Form 34-82 and 88-14) take about 1.5 to 2 hours each and total 2,020 annual burden hours across respondents.
Deposit/Withdrawal reporting frequency to Treasury
The Deposit/Withdrawal Report (NOAA Form 34-82) is collected from agreement holders (frequency noted as annually) and the information on that report must also be reported semi‑annually to the Secretary of the Treasury in accordance with Public Law 115-97. This requires ongoing recordkeeping and periodic reporting.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-14204, Lake Ontario National Marine Sanctuary; Delay of Effective Date
NOAA is giving everyone more time before the rule that bans grappling or anchoring on Lake Ontario shipwrecks kicks in. Instead of starting in July 2026, this rule is now delayed until September 2028 to let NOAA set up mooring buoys and work with divers and boaters. This means boaters and commercial vessels can keep anchoring safely while NOAA gets everything ready without rushing.
2026-14195, Rescinding the Definition of “Harm” Under the Endangered Species Act
The U.S. Fish and Wildlife Service and National Oceanic and Atmospheric Administration are wiping away the official definition of “harm” under the Endangered Species Act starting September 14, 2026. This change affects anyone involved in protecting endangered plants and animals by shifting how “harm” is understood and enforced. It’s a big move that could change how projects and protections are handled, but no new costs or deadlines are added right now.
2026-07536, Taking and Importing Marine Mammals; Taking Marine Mammals Incidental to Geophysical Surveys in the Gulf of America
Starting April 20, 2026, NOAA is setting new rules for companies doing geophysical surveys in the Gulf of America to protect marine mammals. These rules let companies get permission to accidentally disturb marine mammals but require them to minimize harm and report what they find. This plan lasts five years and helps balance ocean research with saving sea life.
2026-05599, Deep Seabed Mining: Notice of Receipt of Applications for Deep Seabed Mining Exploration Licenses and Announcement of Public Comment Period and Virtual Public Hearings
NOAA got two applications from companies wanting to explore mining deep under the ocean floor. They’re holding virtual public meetings in April and want your thoughts by May 22, 2026. This affects anyone interested in ocean mining and how we protect our seas while exploring new resources.
2026-04256, Atlantic Highly Migratory Species; Spatial Fisheries Management; Amendment 15 to the 2006 Consolidated Atlantic Highly Migratory Species Fishery Management Plan
Starting April 3, 2026, new rules change shark fishing zones and times in the Atlantic to better protect sharks and manage fishing risks. Fishermen using bottom and pelagic longline gear will see updated area boundaries and must pay for electronic monitoring if fishing in certain safer zones. These changes help keep shark populations healthy while supporting responsible fishing.
2026-17650, Fisheries of the Exclusive Economic Zone off Alaska; Pacific Ocean Perch in the Central Aleutian District of the Bering Sea and Aleutian Islands Management Area
NMFS is prohibiting directed fishing for Pacific ocean perch in the Central Aleutian district (CAI) of the Bering Sea and Aleutian Islands management area (BSAI) by vessels participating in the BSAI trawl limited access sector fishery. This action is necessary to prevent exceeding the 2026 total allowable catch (TAC) of Pacific ocean perch in the CAI allocated to vessels participating in the BSAI trawl limited access sector fishery.
Previous / Next Documents
Previous: 2025-15330, Notice of Issuance of Final Permanent Recreational Shooting Order in the Southern Clear Creek, Northern Larimer and Grand County Areas in the Clear Creek, Canyon Lakes, and Sulphur Ranger Districts of the Arapaho and Roosevelt National Forests and Pawnee National Grassland
The Forest Service just made a permanent rule banning recreational shooting on nearly 95,000 acres across parts of Clear Creek, Larimer, and Grand Counties in Colorado. This affects anyone who loves target practice or shooting for fun in these forest and grassland areas. The ban starts now and helps keep the land safer and more enjoyable for everyone—no fees or extra costs involved!
Next: 2025-15332, Name of Information Collection: NASA Applied Remote Sensing Training Program Follow-Up Survey
NASA wants to check in with folks who took their Applied Remote Sensing Training to see how it helped them. This quick survey helps NASA improve the program without adding extra paperwork. If you’ve joined the training, your feedback matters and there’s no cost to participate!