The Department of Commerce, through the National Oceanic and Atmospheric Administration (NOAA), is seeking public comments on renewing an information collection program. This program, under the Merchant Marine Act, allows commercial fishing entities to defer taxable income in a Capital Construction Fund for specific vessel-related projects. Comments are invited on the necessity and burden of this collection by May 30, 2025, as part of the review process before submitting information to the Office of Management and Budget (OMB). Respondents, including businesses and organizations, are required to submit information via specified forms to qualify and participate in the program.
Simple Explanation
The Department of Commerce wants people to think about and talk about a program where fishermen can save money for boats and projects without paying taxes right away, and they're asking for comments about how easy or hard it is to fill out the forms until May 30, 2025.