Capital Construction Fund Qualified Withdrawal Act of 2003

Bill Number

HR 2360

Introduced

Jun 5, 2003

Latest Action

Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subs ...

Sponsor

Cosponsors

Topics

Administrative procedure Commerce Department of Commerce Equipment and supplies Fees Fisheries Fishery management Fishing boats Government Operations and Politics Income tax Individual retirement accounts Labor and Employment Law Licenses Marine and coastal resources, fisheries Marine safety Merchant seamen Overfishing 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 2003 - 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) paying the net proceeds to a person retiring related commercial fishing vessels and permits; (2) making a rollover contribution into an owner's individual retirement plan; (3) making a payment of an industry fee authorized by the fishing capacity reduction program; and (4) acquiring a vessel monitoring system or the aquisition or construction of fishing gear designed to minimize or avoid bycatch.

Actions

Jun 5, 2003

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.
Jun 5, 2003

Introduced in House

Amendments

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