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The purpose of the Capital Construction Fund Program is to improve the fishing fleet by allowing fishermen to accelerate their accumulation of funds with which to replace or improve their fishing vessels. Created by the Merchant Marine Act of 1936 as amended (46 U.S.C. 1177), the program enables fishermen to construct, reconstruct, or, under limited circumstances, acquire fishing vessels with before-tax dollars. Under the program, the amount accumulated by deferring tax on fishing income, when used to help pay for a vessel project, represents the time value of deferred taxes on operating profit. The taxes are recovered by the U.S. Government by reducing the depreciable cost of the vessel.
Any U.S. citizen is eligible who owns or leases a U.S.-built fishing vessel of at least 2 net tons and has an acceptable program for constructing, reconstructing, or acquiring a fishing vessel of at least 2 net tons. The term "fishing vessel" includes vessels used commercially in the fisheries of the United States for catching, transporting, and processing fish. Also included are commercial passenger-carrying vessels used for fishing parties. Applications are accepted at any time. However, to be applicable to any given tax year, a Capital Construction Fund agreement must be executed and entered on or before the due date (with extensions) for filing your federal tax return for that tax year.
- Capital Construction Fund Frequently Asked Questions
- Documents and Forms
- Other Information
- Capital Construction Fund Program Contacts
- Capital Construction Fund Regulations and Statute
- Capital Construction Fund Final Rule 5/30/17
- Environmental Assessment, Regulatory Impact Review and Final Regulatory Flexibility Analysis of Amendments to the Capital Construction Fund Program Regulations
- Capital Construction Fund Proposed Rule 9/25/14
- Statute (Merchant Marine Act Section 607)
- Internal Revenue Service Regulations
- Internal Revenue Service Publication 595
- External Links
CCF Program, Financial Services Division (F/MB5)
National Marine Fisheries Service
1315 East West Highway
Silver Spring, MD 20910