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DOT/MARAD

RIN: 2133-AB71

Publication ID: Fall 2008

Title: ●Capital Construction Fund
Abstract: The Maritime Administration is issuing this final rule to implement section 1122, subtitle C of title XI of the Energy Independence and Security Act of 2007 (Energy Act). This is a final rule because two statutes leave no discretion; therefore, a notice of proposed rulemaking is not required. The Energy Act amends the definition of a qualified vessel, under the Capital Construction Fund. The Capital Construction Fund allows a deferral of income tax provided that the amount of the tax deferral is deposited into a fund to be used for the purpose of acquiring, constructing or reconstructing U.S.-built, U.S.-documented vessels. Such program vessels are called qualified vessels, and they must be built and documented in the United States and operated in the United States foreign, Great Lakes or noncontiguous domestic trade. The Energy Act also authorized the creation of a new Short Sea Transportation Program. The Short Sea Transportation Program establishes an expanded definition of a qualified vessel under the Capital Construction Fund. The Energy Act also expands the trade permitted to qualified vessels by allowing qualified vessels to operate in the short sea transportation trade in addition to the other trades presently permitted. Additionally, the Energy Act specifically defines short sea transportation trade, and this final rule only amends the existing regulation by including the statutory definition and making other conforming changes. Moreover, Congress enacted Public Law 109-304 to complete the codification of title 46 of the United States Code. This statute restated section 607 of the Merchant Marine Act of 1936 without substantive change. Section 607 is now section 53501, et seq. This final rule updates the statutory references in the regulation and appendices to conform to the new codification.
Agency: Department of Transportation(DOT)	Priority: Substantive, Nonsignificant
RIN Status: First time published in the Unified Agenda	Agenda Stage of Rulemaking: Completed Actions
Major: No	Unfunded Mandates: No
CFR Citation: 46 CFR 390
Legal Authority: 49 CFR 1.66 PL 91-469

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Final Rule	09/30/2008	73 FR 56738
Final Rule Effective	09/30/2008

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
RIN Information URL: www.regulations.gov	Public Comment URL: www.regulations.gov
RIN Data Printed in the FR: No
Agency Contact: Murray A Bloom Chief, Division of Maritime Programs Department of Transportation Maritime Administration 1200 New Jersey Avenue, SE, Washington, DC 20590 Phone:202 366-5164 Email: murray.bloom@marad.dot.gov