Capital Construction Fund Qualified Withdrawal Act of 2002

Fact Sheet API

Bill Number

S 1962

Introduced

Feb 15, 2002

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S908)

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

Feb 15, 2002

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S908)
Feb 15, 2002

Sponsor introductory remarks on measure. (CR S907-908)
Feb 15, 2002

Introduced in Senate

Amendments

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