Capital Construction Fund Penalty Relief Act

Capital Construction Fund Penalty Relief Act - Permits any person who entered into a capital construction fund agreement (an agreement to provide replacement vessels, additional vessels, or reconstructed vessels) with respect to certain vessels operated in the fisheries of the United States to make an election to terminate the capital construction fund established under such agreement.

Amends the Internal Revenue Code to prescribe requirements regarding the effect of such an election, including the distribution and taxation of such funds, on individuals and entities.