H.R. 2360 — Capital Construction Fund Qualified Withdrawal Act of 2003 | PoliFocus

H.R. 2360108th Congress

Capital Construction Fund Qualified Withdrawal Act of 2003

To provide for qualified withdrawals from the Capital Construction Fund for fishermen leaving the industry and for the rollover of Capital Construction Funds to individual retirement plans, and for other purposes.

Subjects

Taxation

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.

Full Text

Related Legislation

S. 1193Capital Construction Fund Qualified Withdrawal Act of 2003
2003-06-05Read twice and referred to the Committee on Finance.
Related

Legislative Actions

2003-06-05
Introduced in House
2003-06-05
Introduced in House
2003-06-05
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.
2003-06-05
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.
2003-06-05
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.

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