21 Jan Capital Construction Fund Program
Program Name: Capital Construction Fund Program
Resource Type: Federal
Agency: Program Source: Tax Incentive
Description: Created by the Merchant Marine Act of 1936, the CCF Program enables fishermen to construct, reconstruct, or under limited circumstances, acquire fishing vessels with before-tax, rather than after-tax dollars. The amount accumulated by deferring tax on fishing income, when used to help pay for a vessel project, is, in effect, an interest free loan from the Government. Any U.S. citizen is eligible who owns or leases a U.S.-built fishing vessel of at least two net tons and has an acceptable program for constructing, reconstructing, or acquiring a fishing vessel of at least two net tons. The term “fishing vessel” includes vessels used commercially in the fisheries of the U.S. for catching, transporting, and processing fish or commercial passenger-carrying vessels used for recreational fishing charters.