b'NEWSWIRECapital Construction Fund Offers NEWSWIRESignificant Tax AdvantagesT he Passenger Vessel Association wantsTake a look at the December 2022 issue ofYou may or may not decide that a CCF is right to ensure that all of its private vesselFoghorn magazine with the article about thefor you. But it is certainly in your interest to operatorsknowoftheopportunityCCF program and also the PowerPoint presen- investigatethepossibility.Youmaywishto presented by the newly-revised Capital Con- tation given at the PVA Annual Convention atshare this CCF material with your tax adviser.struction Fund (CCF) program. MariTrends 2023 in Long Beach, Calif.The Maritime Administrations web page for Everyprivatepassenger-carryingvesselre- A CCF is a great way to accumulate tax-shelteredthe CCF program contains links to the appli-gardless of size, capacity, type of service, orfunds for the eventual purpose of building orcable regulations and also to a list of existing geographical areais now eligible to set upacquiring a new vessel or reconstructing an ex- CCF fundholders (including about 20 passen-and use a CCF. This results from a change inisting one. Vessel earnings can be deposited intoger vessel operators).law enacted by Congress last December. PVAa CCF, and those deposits are sheltered from had long lobbied for this CCF amendment.federal (and in many instances) state income tax- Ifyouhavequestions,pleasecontactPVAs We thank Congressman John Garamendi ofes. The deposited earnings can be accumulatedEdWelchatewelch@passengervessel.comor California for his successful and determinedto eventually build or acquire a new vessel or571-275-2066. Mr. Daniel Ladd of the U.S. efforts to amend the prior CCF law to enablereconstruct an existing vessel. No income taxesMaritimeAdministrationisresponsiblefor all private owners of passenger vessels to qual- are assessed on the accumulated deposits whenrunningtheCCFprogram,andheisalso ify to use a CCF. they are withdrawn for authorized purposes. Inglad to speak with you. You can reach him at many respects, a CCF is like a maritime IRA. Daniel.ladd@dot.gov or 202-366-1859. RefitandRepairDelivered October 2022NEEBISH ISLANDER IIIQuality Commercial Vessels.Built by Burger to Your RequirementsBurger is recognized worldwide for quality custom vessels that provide years of dependable service.Aluminum and Steel Fabrication Refit and Repair Services Passenger Vessels- Hull Plate Replacement +1 920.686.5117Water Taxis- Exterior and Interior Coatings sales@burgerboat.com Wind Farm Support Vessels- Engine and Generator RepowersVessel Christening burgerboatcommercial.com92 Steel Car Ferry Crew Supply Vessels- All Vessel System Repairs Other Vessels to 260 (80m) - Interior Refresh Proudly built in the USA45 MARCH 2023'