Construction Reserve Fund

To promote the construction, reconstruction, reconditioning, or acquisition of merchant vessels built and documented under the laws of the United States for purposes of national defense and the development of U.S.

commerce.




Related Programs

Examples of Funded Projects

Fiscal Year 2016: In 2016 over 30 vessels were constructed with funds deposited into CRFs.

Fiscal Year 2017: Not available.

Fiscal Year 2018: No Current Data Available


Agency - Department of Transportation

The Department of Transportation's mission is to ensure fast, safe, efficient, accessible and convenient transportation that meets vital national interests and enhances the quality of life of the American people, today and into the future.

Office - See Regional Agency Offices.

Offices listed in appendix IV of the Catalog.



Program Accomplishments

Fiscal Year 2016: In 2016 over 30 vessels were constructed with funds deposited into CRFs. Fiscal Year 2017: No Current Data Available Fiscal Year 2018: No Current Data Available

Uses and Use Restrictions

The Construction Reserve Fund (CRF), authorized under 46 USC 1161, is a financial assistance program which provides tax deferral benefits to U. S. flag operators.

The CRF permits the fundholder to deposit gains attributable to the sale of, or indemnification for, loss of vessels and to defer tax on such gains provided the gains are to be reinvested in vessels.

Also the CRF allows the accumulation of earnings from operations of vessels documented in the U.S., or the earnings from the investment of the Fund.

The ability to accumulate funds and the tax deferral provision have enabled fundholders to construct or reconstruct in the United States, and documented under the laws of the United States, larger and better-equipped vessels, to reduce mortgage debt on the vessels, and to construct a greater number of vessels than would be possible without the program.

Eligibility Requirements

Applicant Eligibility

A Construction Reserve Fund (CRF) may be established by any citizen of the United States who owns, in whole or in part, a vessel or vessels operating in the foreign or domestic commerce of the U.S., or in the fisheries.

Additionally, any citizen who is operating such vessel or vessels owned by another individual may establish a CRF.

Beneficiary Eligibility

Any citizen of the United States who owns, in whole or in part, a vessel or vessels operating in the foreign or domestic commerce of the U.S. or in the fisheries. Additionally, any citizen who is operating such vessel or vessels owned by another individual.

Credentials/Documentation

Be able to provide proof of requirements called for in Applicant Eligibility section of this program. The program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Contact the Maritime Administration, Office of Financial Approvals and Marine Insurance.

This program is excluded from coverage under OMB Circular No.

A-102.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. You may manually enter in any other application procedures not found above See Federal Register Notice (46 CFR 287.4). Persons seeking to establish a Construction Reserve Fund may make application by letter to the headquarters office shown below. This program is excluded from coverage under OMB Circular No. 2 CFR 200..

Award Procedures

Review of the application by the Office of Financial Approvals and Marine Insurance to determine citizenship of the applicant, if applicant is owner or operator of the vessel and if the proposed objective of construction, reconstruction or acquisition is acceptable.

Deadlines

Contact the headquarters or regional office, as appropriate, for application deadlines.

Authorization

Merchant Marine Act of 1936, Section 511, Public Law 74-835, 46 U.S.C 1161.

Range of Approval/Disapproval Time

From 60 to 90 days.

Appeals

Not Applicable.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

Depends on each individual program agreed upon between the Maritime Administration and the applicant. Method of awarding/releasing assistance: by letter of credit.

Post Assistance Requirements

Reports

Not Applicable.

Audits

Not Applicable.

Records

See Reports section of this program.

Financial Information

Account Identification

69-1750-0-1-403.

Obigations

(Direct Payments for Specified Use) FY 16 $0; FY 17 est $0; and FY 18 est $0 - Company's own funds are used for the program.

Range and Average of Financial Assistance

Defer tax on gains by depositing the gains attributable to the sale of or indemnification for loss of vessels in accordance with the program.

Regulations, Guidelines, and Literature

46 CFR Part 287; Order and Form of Resolution which outlines details pertaining to the establishment and maintenance of the Construction Reserve Fund.

Information Contacts

Regional or Local Office

See Regional Agency Offices. Offices listed in appendix IV of the Catalog.

Headquarters Office

Daniel Ladd 1200 New Jersey Avenue, S.E. , Washington, District of Columbia 20590 Phone: (202)366-1859

Criteria for Selecting Proposals

Review of the application by the Office of Financial Approvals and Marine Insurance to determine citizenship of the applicant, if applicant is owner or operator of the vessel and if the proposed objective of construction, reconstruction or acquisition is acceptable.



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