S. 1193Senate108th Congress (2003-2005)In Committee

Capital Construction Fund Qualified Withdrawal Act of 2003

Sponsored by Ron WydenSen. Ron Wyden (D-OR)
Introduced June 5, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

June 5, 2003

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SenateIntro Referral

Introduced in Senate

June 5, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7483)

June 5, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance.

June 5, 2003

Floor Debate

15 members

What members said about S. 1193 on the floor

8 Republicans7 Democrats
Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jun 5, 2003

Mr. President, in June 1999, the United States Supreme Court issued a pair of decisions that altered the legal landscape with respect to intellectual property. I am referring to Florida Prepaid v.…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Jun 5, 2003

Mr. President, imagine for a moment you have gone to the doctor to have a medical condition evaluated. Uncertain as to what your injury may be, your doctor sends you to a specialist for a medical…

Mike DeWine
Sen. Mike DeWineR-OH · Jun 5, 2003

Mr. President, I rise today, along with Senators Domenici, Leahy, Grassley, and Cantwell, to introduce the ``Mentally Ill Offender Treatment and Crime Reduction Act of 2003.'' This bipartisan measure…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Jun 5, 2003

Mr. President, today I am happy to be joining my colleague Senator Lindsey Graham in introducing the YMCA Healthy Teen Act. Senator Graham and I are introducing this bill along with Senators Bunning,…

Maria Cantwell
Sen. Maria CantwellD-WA · Jun 5, 2003

Mr. President, I am proud to join with Senator DeWine and Senator Patrick Leahy along with Senators Grassley and Domenici in cosponsoring this important legislation. This bill will take steps to…

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Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jun 5, 2003

Mr. President, today I am introducing legislation that will help to ensure that all of our veterans know about Federal benefits to which they may be entitled by improving outreach programs conducted…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Jun 5, 2003

Mr. President, I rise today to introduce the Focus on Committed and Underpaid Staff for Children's Sake Act. I am pleased that Senators Kennedy, Murray, and Bingaman are joining me as original…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jun 5, 2003

Mr. President, today I am introducing the Consumer and Small Business Energy Commission Act. I am pleased to have the support of the Senator from Michigan, Senator Stabenow, in introducing this…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Jun 5, 2003

Mr. President, I rise to introduce a bill that will have a profound effect on the retention of good teachers, administrators, and other school staff in remote and rural areas of Alaska and in the…

Jon Kyl
Sen. Jon KylR-AZ · Jun 5, 2003

Mr. President, I rise today with Senators Bingaman, Rockefeller, McCain, Frist, Alexander, Lincoln, Bunning, Smith, Bob Graham, Santorum, Kerry, Kennedy and Hatch to introduce a modest but important…

Ron Wyden
Sen. Ron WydenD-OR · Jun 5, 2003

Mr. President, I am pleased today to introduce the Capital Construction Fund Qualified Withdrawal Act of 2003. My friends and colleagues, Senator Smith and Senator Murray, join me in introducing this…

Ron Wyden
Sen. Ron WydenD-OR · Jun 5, 2003

Mr. President, I am pleased today to introduce the Capital Construction Fund Qualified Withdrawal Act of 2003. My friends and colleagues, Senator Smith and Senator Murray, join me in introducing this…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jun 5, 2003

Mr. President, I am pleased to introduce a bill to provide permanent tax relief from one of the most egregious, anti- family aspects of the tax code--the marriage penalty. Relieving American…

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Saxby Chambliss
Sen. Saxby ChamblissR-GA · Jun 5, 2003

Mr. President, I rise today to introduce the Hunting Heritage Protection Act. With the introduction of this important legislation, we are able to acknowledge our Nation's rich heritage of hunting.…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jun 5, 2003

Mr. President, I am pleased today to be once again introducing with Senator DeWine the Mentally Ill Offender Treatment and Crime Reduction Act of 2003. This bipartisan bill authorizes the Attorney…

Ted Stevens
Sen. Ted StevensR-AK · Jun 5, 2003

Mr. President, on behalf of Senator Murkowski, I rise to introduce the Rural Teacher Housing Act of 2003.

Bill Text

Latest available legislative text

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Introduced in SenateIssued June 5, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1193 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 1193

To provide for qualified withdrawals from the Capital Construction Fund
for fishermen leaving the industry and for the rollover of Capital
Construction Funds to individual retirement plans, and for other
purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 5, 2003

Mr. Wyden (for himself, Mr. Smith, and Mrs. Murray) introduced the
following bill; which was read twice and referred to the Committee on
Finance

_______________________________________________________________________

A BILL

To provide for qualified withdrawals from the Capital Construction Fund
for fishermen leaving the industry and for the rollover of Capital
Construction Funds to individual retirement plans, and for other
purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Capital Construction Fund Qualified
Withdrawal Act of 2003''.

SEC. 2. AMENDMENT OF THE MERCHANT MARINE ACT OF 1936 TO ENCOURAGE
RETIREMENT OF CERTAIN FISHING VESSELS AND PERMITS.

(a) In General.--Section 607(a) of the Merchant Marine Act, 1936
(46 U.S.C. App. 1177(a)) is amended by adding at the end the following:
``Any agreement entered into under this section may be modified for the
purpose of encouraging the sustainability of the fisheries of the
United States by making the termination and withdrawal of a capital
construction fund a qualified withdrawal if done in exchange for the
retirement of the related commercial fishing vessels and related
commercial fishing permits.''.
(b) New Qualified Withdrawals.--
(1) In general.--Section 607(f)(1) of the Merchant Marine
Act, 1936 (46 U.S.C. App. 1177(f)(1)) is amended--
(A) by striking ``for:'' and inserting

``for--'';
(B) by striking ``vessel'' in subparagraph (A) and
inserting ``vessel;'';
(C) by striking ``vessel, or'' in subparagraph (B)
and inserting ``vessel;'';
(D) by striking ``vessel.'' in subparagraph (C) and
inserting ``vessel;''; and
(E) by inserting after subparagraph (C) the
following:
``(D) the payment of an industry fee authorized by
the fishing capacity reduction program under section
312(b) of the Magnuson-Stevens Fishery Conservation and
Management Act (16 U.S.C. 1861a(b));
``(E) in the case of any such person or shareholder
for whose benefit such fund was established with
respect to any vessel operated in the fisheries of the
United States, or any shareholder of such person, a
rollover contribution (within the meaning of section
408(d)(3) of the Internal Revenue Code of 1986) to such
person's or shareholder's individual retirement plan
(as defined in section 7701(a)(37) of such Code);
``(F) the payment of the net proceeds deposited
into the fund from a sale described in subsection
(b)(1)(C)(ii) to a person retiring related commercial
fishing vessels and permits;
``(G) the acquisition of a vessel monitoring system
as a safety improvement for a fishing vessel; or
``(H) the acquisition or construction of fishing
gear designed to minimize or avoid bycatch as required
under section 301(a)(9) of the Magnuson-Stevens Fishery
Conservation and Management Act (16 U.S.C.
1851(a)(9)).''.
(2) Reduction program sale proceeds allowed in determining
deposit ceiling.--Section 607(b)(1)(C) of such Act (46 U.S.C.
App. 1177(b)(1)(C)) is amended by striking ``or (ii)'' and
inserting ``(ii) the sale of any agreement vessel or fishing
permit retired through the fishing capacity reduction program
under section 312(b) of the Magnuson-Stevens Fishery
Conservation and Management Act (16 U.S.C. 1861a(b)), or
(iii)''.
(3) Certain qualified withdrawals treated as withdrawn from
the capital account.--Section 607(e)(2)(B) of such Act (46
U.S.C. App. 1177(e)(2)(B)) is amended by adding at the end
``unless such portion represents gain from a sale described in
subsection (b)(1)(C)(ii) and is withdrawn for any purpose
provided under subparagraph (D), (E), or (F) of subsection
(f)(1),''.
(4) Secretary to ensure retirement of vessels and
permits.--The Secretary of Commerce by regulation shall
establish procedures to ensure that any person making a
qualified withdrawal authorized by section 607(f)(1)(F) of the
Merchant Marine Act, 1936 (46 U.S.C. App. 1177(f)(1)(F))
retires the related commercial use of fishing vessels and
commercial fishery permits.
(c) Conforming Amendments.--
(1) In general.--Section 7518(e)(1) of the Internal Revenue
Code of 1986 (relating to purposes of qualified withdrawals) is
amended--
(A) by striking ``for:'' and inserting

``for--'';
(B) by striking ``vessel, or'' in subparagraph (B)
and inserting ``vessel;'';
(C) by striking ``vessel.'' in subparagraph (C) and
inserting ``vessel;'';
(D) by inserting after subparagraph (C) the
following:
``(D) the payment of an industry fee authorized by
the fishing capacity reduction program under section
312 of the Magnuson-Stevens Fishery Conservation and
Management Act (16 U.S.C. 1861a);
``(E) in the case of any person or shareholder for
whose benefit such fund was established with respect to
any vessel operated in the fisheries of the United
States, or any shareholder of such person, a rollover
contribution (within the meaning of section 408(d)(3))
to such person's or shareholder's individual retirement
plan (as defined in section 7701(a)(37));
``(F) the payment of the net proceeds deposited
into the fund from a sale described in subsection
(a)(1)(C)(ii) to a person retiring related commercial
fishing vessels and permits;
``(G) the acquisition of a vessel monitoring system
as a safety improvement for a fishing vessel; or
``(H) the acquisition or construction of fishing
gear designed to minimize or avoid bycatch as required
under section 301(a)(9) of the Magnuson-Stevens Fishery
Conservation and Management Act (16 U.S.C.
1851(a)(9)).''.
(2) Reduction program sale proceeds allowed in determining
deposit ceiling.--Section 7518(a)(1)(C) of such Code is amended
by striking ``or'' at the end of clause (i), by redesignating
clause (ii) as clause (iii), and by inserting after clause (i)
the following new clause:
``(ii) the sale of any agreement vessel or
fishing permit retired through the fishing
capacity reduction program under section 312(b)
of the Magnuson-Stevens Fishery Conservation
and Management Act (16 U.S.C. 1861a(b)), or''.
(3) Certain qualified withdrawals treated as withdrawn from
the capital account.--Section 7718(d)(2)(B) of such Code is
amended by adding at the end ``unless such portion represents
gain from a sale described in subsection (a)(1)(C)(ii) and is
withdrawn for any purpose provided under subparagraph (D), (E),
or (F) of subsection (e)(1),''.
(4) Secretary to ensure retirement of vessels and
permits.--The Secretary of the Treasury by regulation shall
establish procedures to ensure that any person making a
qualified withdrawal authorized by section 7518(e)(1)(F) of the
Internal Revenue Code of 1986 retires the related commercial
use of fishing vessels and commercial fishery permits referred
to therein.
(d) Effective Date.--The amendments made by this section shall
apply to withdrawals made after the date of enactment of this Act.
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