[Federal Register Volume 81, Number 22 (Wednesday, February 3, 2016)]
[Notices]
[Page 5715]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-01983]
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DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
Submission for OMB Review; Comment Request
The Department of Commerce will submit to the Office of Management
and Budget (OMB) for clearance the following proposal for collection of
information under the provisions of the Paperwork Reduction Act (44
U.S.C. Chapter 35).
Agency: National Oceanic and Atmospheric Administration (NOAA).
Title: Interim Capital Constructions Fund Agreement, Family of
Forms, Certification and Deposit/Withdrawal Report.
OMB Control Number: 0648-0041.
Form Number(s): NOAA Forms 34-82 and 88-14.
Type of Request: Regular (extension of a currently approved
information collection).
Number of Respondents: 1,445.
Average Hours per Response: Deposit/withdrawal form, 20 minutes;
application for program benefits, 3 hours and 30 minutes; certificate,
1 hour.
Burden Hours: 2,732.
Needs and Uses: This request is for extension of a currently
approved information collection.
Respondents will be commercial fishing industry individuals,
partnerships, and corporations which entered into Capital Construction
Fund (CCF) 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vessel's basis for depreciation by the amount withdrawn from the fund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 interim
Capital Construction Fund Agreement and Certificate Family of Forms is
required pursuant to 50 CFR part 259.30 and P.L. 99-514 (The Tax Reform
Act, 1986). The deposit/withdrawal information collected from agreement
holders is required pursuant to 50 CFR part 259.35 and P.L. 99-514. The
information collected from applicants for the Interim CCF Agreement is
used to determine their eligibility to participate in the CCF Program.
The information collected from agreement holders for the Certificate
Family of Forms is used to identify their program eligible vessels,
their program projects and to certify the cost of a project at
completion. The information collected on the deposit/withdrawal report
form 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 on the deposit/withdrawal report
must also be reported semi-annually to the Secretary of Treasury in
accordance with the Tax Reform Act.
Affected Public: Businesses or other for-profit organizations.
Frequency: One time only, annually and on occasion.
Respondent's Obligation: Required to obtain or retain benefits.
This information collection request may be viewed at reginfo.gov.
Follow the instructions to view Department of Commerce collections
currently under review by OMB.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to [email protected] or fax to (202) 395-5806.
Dated: January 29, 2016.
Sarah Brabson,
NOAA PRA Clearance Officer.
[FR Doc. 2016-01983 Filed 2-2-16; 8:45 am]
BILLING CODE 3510-22-P