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Capital Construction Fund Program

Tax Assistance > Capital Construction Fund Program

 

Program Description:

The Capital Construction Fund (CCF) Program enables fishermen to construct, reconstruct, or under limited circumstances, acquire fishing vessels with before-tax, rather than after-tax dollars. The program allows fishermen to defer tax on income from the operation of their fishing vessels. Under the CCF Program, the amount accumulated by deferring tax on fishing income, when used to help pay for a vessel project, is in effect, an interest free loan from the government.

 

General Program Requirements:

Any U.S. citizen is eligible who owns or leases a U.S. built fishing vessel of at least two net tons and has an acceptable program for constructing, reconstructing, or acquiring a fishing vessel of at least two net tons. The term "fishing vessel" includes vessels used commercially in the fisheries of the U.S. for catching, transporting, and processing fish. Also included are commercial passenger-carrying vessels used for fishing parties.

 

Status

Active

 

Loan Terms:

Not Applicable

 

Application Process:

Applications are accepted at any time. However, to be applicable to any given tax year, a CCF agreement must be executed and entered on or before the due date (with extensions) for filing your Federal tax return for that tax year. An application can be downloaded at http://www.nmfs.noaa.gov/mb/financial_services/ccf_docs_and_forms.htm.

 

Program Contact Information:

For more information, visit:
http://www.nmfs.noaa.gov/mb/financial_services/ccf.htm

Or call:
301-713-2393

You may also write to us at:
CCF Program, Financial Services Division (F/MB5)
National Marine Fisheries Service
1315 East West Highway
Silver Spring, MD 20910

 

Managing Agency:

U.S. Department of Commerce
http://www.doc.gov/




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