Capital Construction Fund
Program Objective
To provide for replacement vessels, additional vessels or reconstructed vessels, built and documented under the laws of the United States for operation in the United States foreign, Great Lakes, Marine Highways or noncontiguous domestic trades.
Eligibility
Eligible Applicants
- Unrestricted by Entity Type
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.
How to Apply
Award Procedure
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 Business and Finance Development.
From 30 to 90 days.
Program details & compliance
Description
To provide for replacement vessels, additional vessels or reconstructed vessels, built and documented under the laws of the United States for operation in the United States foreign, Great Lakes, Marine Highways or noncontiguous domestic trades.
Mission Categories
Primary: Maritime
Use of Funds
Allowed Uses
The capital construction fund program is a program created 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.
Required 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.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart F — Audit Requirements
Formula
This program has no statutory formula