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Grant Community.com Catalog of Federal Domestic Assistance Program Descriptions |
CATALOG OF FEDERAL DOMESTIC
ASSISTANCE
20.808: Capital Construction Fund
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| PROGRAM AND AWARD | FINANCIAL AND INFORMATION CONTACTS |
| ELIGIBILITY REQUIREMENTS | FINANCIAL AND ADMINISTRATIVE INFO. |
| APPLICATION AND AWARD PROCESS | INFORMATION CONTACTS |
| RELATED PROGRAMS | ASSISTANCE CONSIDERATIONS |
| PROGRAM ACCOMPLISHMENTS | POST ASSISTANCE REQUIREMENTS |
Applicant Eligibility: An applicant must be a U.S. citizen, own or lease one or more eligible vessels, have a program for the acquisition, construction or reconstruction of a qualified vessel and demonstrate the financial capabilities to accomplish the program.
Beneficiary Eligibility: U.S. citizen.
Credentials/Documentation: Be able to provide proof of requirements called for in the Applicant Eligibility section of this program. This program is excluded from coverage under OMB Circular No. A-87.
Preapplication Coordination: Contact the Maritime Administration, Office of Ship Financing. This program is excluded from coverage under OMB Circular No. A-102 and E.O. 12372.
Application Procedure: See Federal Register Notice (46 CFR Part 390, Appendix I) dated January 29, 1976. Persons seeking to enter into a Capital Construction Fund Agreement may make application by letter to the headquarters office shown below. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110.
Award Procedure: The Office of Ship Financing reviews the application to determine the citizenship of the applicant, whether the applicant owns or leases one or more eligible vessels, has an acceptable program for the acquisition, construction or reconstruction of a qualified vessel and has the financial capability to accomplish the program. Approved by the Associate Administrator for Ship Financial Assistance and Cargo Preference.
Deadlines: Applicant must execute a Capital Construction Fund Agreement prior to final due date for filing of Federal tax return to receive tax deferment for a given tax year.
Range of Approval/Disapproval Time: From 30 to 90 days.
Appeals: None.
Renewals: Not applicable.
Criteria for Selecting Proposals: See Award Procedure section of this program.
Examples of Funded Projects: The types of projects funded through the CCF are the acquisition, construction, and reconstruction of qualified agreement vessels such as tugs, barges, break bulk cargo vessels, LNG carriers, tankers, etc. In addition, these vessels must be documented under the laws of the United States and operated in the United States foreign, Great Lakes or noncontiguous domestic trade. The definition of noncontiguous domestic trade includes trade between fixed drilling and production platforms located on the Outer Continental Shelf of the United States at a distance more than three miles from shore and the U.S. mainland.
Range and Average of Financial Assistance: Applicant receives tax benefits for depositing assets in accordance with the program.
As of September 30, 1999, there was a total of 169 active individual and consolidated Capital Construction Fund Agreements, with reported cumulative deposits since program inception in excess of $6.5 billion to accomplish construction and acquisition programs. Thus far in calendar year 2000, no applications were approved.
Federal Agency: MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION
Type of Assistance: Direct Payments for Specified Use.
Obligations: (Salaries and expenses) FY 99 $119,000; FY 00 est $124,297; and FY 01 est $128,896.
Budget Account Number: 69-1750-0-1-403.
Authorization: Merchant Marine Act of 1936, Section 607, as amended; Public Law 91-469, 84 Stat. 1018.
Regulations, Guidelines, and Literature: Capital Construction Fund Agreement; Parts 390 and 391, Title 46, CFR; Part 3, Title 26, CFR.
Regional or Local Office: See Maritime Administration Regional Offices listed in Appendix IV of the Catalog.
Headquarters Office: Associate Administrator for Ship Financial Assistance and Cargo Preference, Maritime Administration, Department of Transportation, Washington DC 20590. Phone: (202) 366-0364.
(See Appendix IV for more contact info.)
Formula and Matching Requirements: Each agreement provides for a minimum deposit over a 3 year period to insure that the party is making a sufficient commitment to continue the agreement.
Length and Time Phasing of Assistance: Depends upon the individual program agreed to between the Maritime Administration and the applicant.
Uses and Use Restrictions: The capital construction fund program is a program created by the Merchant Marine Act of 1970 to help rejuvenate the American Merchant Marine. The assistance provided is not through payment of appropriated funds, but rather allows the fund holder to defer a portion of tax monies that would otherwise be paid to the U.S. Government during the tax year. The extension of tax deferral privileges encourages the accomplishment of the program objective by allowing the fund holder to accumulate and use otherwise taxable earnings for the purposes of acquiring, constructing or reconstructing vessels built and documented in the United States and operated in the United States foreign, Great Lakes or noncontiguous domestic trade and in the fisheries.
Reports: Annual reports specified in the agreement and the rules and regulations.
Audits: All financial records are subject to audit by the Internal Revenue Service and/or the Maritime Administration, Department of Transportation.
Records: See Reports.
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Last Updated, November, 2000
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