HR 2174 · 109th Congress · Taxation
Capital Construction Fund Qualified Withdrawal Act of 2005
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: 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.(2005-05-05)
Plain Language Summary
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Capital Construction Fund Qualified Withdrawal Act of 2005 - Amends the Merchant Marine Act and the Internal Revenue Code to permit as qualified withdrawals from fishing capital construction funds any money used by retiring fishermen for the following purposes: (1) retiring an owner's commercial fishing vessels and related commercial fishing 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; (4) acquiring a vessel monitoring system as a safety improvement for a fishing vessel; and (5) acquiring or constructing fishing gear designed to minimize or avoid bycatch.…
Summarized by Claude AI · Non-partisan · For informational purposes only