Fiscal Year 2016: In 2016 over 30 vessels were constructed with funds deposited into CRFs.
Fiscal Year 2017: Not available.
Fiscal Year 2018: No Current Data Available
The Department of Transportation's mission is to ensure fast, safe, efficient, accessible and convenient transportation that meets vital national interests and enhances the quality of life of the American people, today and into the future.
Fiscal Year 2016: In 2016 over 30 vessels were constructed with funds deposited into CRFs. Fiscal Year 2017: No Current Data Available Fiscal Year 2018: No Current Data Available
Uses and Use Restrictions
The Construction Reserve Fund (CRF), authorized under 46 USC 1161, is a financial assistance program which provides tax deferral benefits to U. S. flag operators.
The CRF permits the fundholder to deposit gains attributable to the sale of, or indemnification for, loss of vessels and to defer tax on such gains provided the gains are to be reinvested in vessels.
Also the CRF allows the accumulation of earnings from operations of vessels documented in the U.S., or the earnings from the investment of the Fund.
The ability to accumulate funds and the tax deferral provision have enabled fundholders to construct or reconstruct in the United States, and documented under the laws of the United States, larger and better-equipped vessels, to reduce mortgage debt on the vessels, and to construct a greater number of vessels than would be possible without the program.
Eligibility Requirements
Applicant Eligibility
A Construction Reserve Fund (CRF) may be established by any citizen of the United States who owns, in whole or in part, a vessel or vessels operating in the foreign or domestic commerce of the U.S., or in the fisheries.
Additionally, any citizen who is operating such vessel or vessels owned by another individual may establish a CRF.
Beneficiary Eligibility
Any citizen of the United States who owns, in whole or in part, a vessel or vessels operating in the foreign or domestic commerce of the U.S. or in the fisheries. Additionally, any citizen who is operating such vessel or vessels owned by another individual.
Credentials/Documentation
Be able to provide proof of requirements called for in Applicant Eligibility section of this program. The program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication Coordination
Contact the Maritime Administration, Office of Financial Approvals and Marine Insurance.
This program is excluded from coverage under OMB Circular No.
A-102.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
12372.
Application Procedures
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. You may manually enter in any other application procedures not found above See Federal Register Notice (46 CFR 287.4). Persons seeking to establish a Construction Reserve Fund may make application by letter to the headquarters office shown below. This program is excluded from coverage under OMB Circular No. 2 CFR 200..
Award Procedures
Review of the application by the Office of Financial Approvals and Marine Insurance to determine citizenship of the applicant, if applicant is owner or operator of the vessel and if the proposed objective of construction, reconstruction or acquisition is acceptable.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Authorization
Merchant Marine Act of 1936, Section 511, Public Law 74-835, 46 U.S.C 1161.
Range of Approval/Disapproval Time
From 60 to 90 days.
Appeals
Not Applicable.
Renewals
Not Applicable.
Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Depends on each individual program agreed upon between the Maritime Administration and the applicant. Method of awarding/releasing assistance: by letter of credit.
Post Assistance Requirements
Reports
Not Applicable.
Audits
Not Applicable.
Records
See Reports section of this program.
Financial Information
Account Identification
69-1750-0-1-403.
Obigations
(Direct Payments for Specified Use) FY 16 $0; FY 17 est $0; and FY 18 est $0 - Company's own funds are used for the program.
Range and Average of Financial Assistance
Defer tax on gains by depositing the gains attributable to the sale of or indemnification for loss of vessels in accordance with the program.
Regulations, Guidelines, and Literature
46 CFR Part 287; Order and Form of Resolution which outlines details pertaining to the establishment and maintenance of the Construction Reserve Fund.
Information Contacts
Regional or Local Office
See Regional Agency Offices. Offices listed in appendix IV of the Catalog.
Headquarters Office
Daniel Ladd 1200 New Jersey Avenue, S.E. , Washington, District of Columbia 20590 Phone: (202)366-1859
Criteria for Selecting Proposals
Review of the application by the Office of Financial Approvals and Marine Insurance to determine citizenship of the applicant, if applicant is owner or operator of the vessel and if the proposed objective of construction, reconstruction or acquisition is acceptable.
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