Capital Construction Fund Qualified Withdrawal Act of 2002

Fact Sheet API

Bill Number

HR 3898

Introduced

Mar 7, 2002

Latest Action

Executive Comment Requested from Maritime Administration.

Sponsor

Cosponsors

Topics

Administrative procedure Business income tax Commerce Department of Commerce Fees Fisheries Fishing boats Government Operations and Politics Income tax Individual retirement accounts Labor and Employment Law Licenses Marine and coastal resources, fisheries Merchant seamen Overfishing Personal income tax Shipbuilding subsidies Sustainable fisheries Tax deferral Tax exclusion Taxation Transportation and Public Works

Full Text

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Votes

Summary

Capital Construction Fund Qualified Withdrawal Act of 2002 - Amends the Merchant Marine Act and the Internal Revenue Code to permit as qualified withdrawals from fishing capital construction funds money used by retiring fishermen for the following purposes: (1) retiring an owner's commercial fishing vessels and related commercial fishing permits; (2) making a rollover contribution into an owner's individual retirement plan; and (3) making a payment of an industry fee authorized by the fishing capacity reduction program.

Actions

Apr 5, 2002

Executive Comment Requested from Maritime Administration.
Mar 7, 2002

Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 7, 2002

Introduced in House

Amendments

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