b"LEGISLATIVE REPORTLEGISLATIVE Legislative Success Capital Construction Fund ChangesED WELCH // PVA LEGISLATIVE DIRECTORA nyPVAmemberthatisaprivatecation, regardless of type of servicecan nowing, reconstructing, or acquiring a vessel. This ownerofaU.S.-flaggedpassengerchoosetoaccumulatecapitalfromyearlyvehicle is known as the Capital Construction vesselregardlessofgeographiclo- earnings tax-free for the purpose of construct- Fund (CCF).Maybe now is the time to investigate wheth-er establishing a CCF account to defer federal income taxes and accumulate capital for vessel construction or acquisition makes sense for you.A newly enacted law liberalizes the eligibility requirementsfortheCapitalConstruction Fund (CCF). This has been longstanding legis-Public Tickets &lative goal of the Passenger Vessel Association, Private Charters and now it is a reality!.together at last PVA estimates that more than 200 of its mem-bers,forwhomtheCCFprogramwasnot previously available, will now be able to take EFFORTLESSEFFORTLESS advantage of it.RESERVATIONS CONTRACTS A CCF can be likened to a maritime IRA. A + TICKETING for Private Charters participating private vessel operator works with for Public Cruises and Group Bookings the U.S. Maritime Administration (MARAD) to set up a fund. The operator can then depos-it yearly earnings into the fund. The deposits Integrated online,Custom PDF contractsare shielded from the operators federal income phone and walk-upwith fully-trackabletaxes, as are any earnings produced from the bookings versioning deposited moneys. Stated another way, the pas-senger vessel operator's taxable income for the Automated conrmation,Support for privateyear of the deposit is reduced by the amount reminder and follow-upcharters, schools andplaced in the Capital Construction Fund!emails tour groupsWhen the operator is ready to build, or acquire Marketing and SearchDetailed reports fora new vessel, or reconstruct an existing one, Engine Optimizationevent planning andfunds in the CCF can be withdrawn for this (SEO) nancial tracking purpose. Withdrawn funds can also be used to pay off debt attributed to vessel acquisition. Personalized set-up,There will be no federal taxes levied on the training and supportResource tracking forwithdrawals, so long as the funds are used for included multi-use inventory allowable purposes, but the new vessels basis for computing depreciation is lowered by the amount withdrawn from the CCF.This legislative accomplishment comes about asaresultofthedeterminedadvocacyby Manage your entireCongressmanJohnGaramendiofCalifor-business from a single,nia. To accomplish this, he introduced H.R. integrated platform 6882 on March 1, 2022. A revised version of it was wrapped into the Maritime Title of the National Defense Authorization Act of 2023 SCHEDULE A DEMO (H.R. 7776, enacted as Public Law 117-263). WWW.STARBOARDSUITE.COMFOGHORN 28"