S. 343Senate109th Congress (2005-2007)In Committee

Capital Construction Fund Qualified Withdrawal Act of 2005

Sponsored by Ron WydenSen. Ron Wyden (D-OR)
Introduced February 10, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

February 10, 2005

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SenateIntro Referral

Introduced in Senate

February 10, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1271-1272)

February 10, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance.

February 10, 2005

Floor Debate

23 members

What members said about S. 343 on the floor

8 Republicans14 Democrats1 Independent
John McCain
Sen. John McCainR-AZ · Feb 10, 2005

Mr. President, I am pleased today to be joined with Senator Lieberman in introducing the Climate Stewardship Act of 2005. This bill is nearly identical to a proposal we offered during the 108th…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Feb 10, 2005

Mr. President, I rise today to introduce the Coastal Zone Enhancement Reauthorization Act of 2005. I am pleased to have worked with my cosponsor, Senator Kerry, in developing this bill, which will…

Larry E. Craig
Sen. Larry E. CraigR-ID · Feb 10, 2005

Mr. President, I have introduced what I believe to be a very important piece of legislation that the Senate will consider this year, dealing with an issue that is certainly on the minds of many…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Feb 10, 2005

Mr. President, the recent shortage of H-2B nonimmigrant visas for ernporary or seasonal non-agricultural foreign workers is a matter of great concern to many small businesses in my home state of…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Feb 10, 2005

Mr. President, today I am introducing the Marine Debris Research and Reduction Act. From the shore, our oceans seem vast and limitless, but I fear that we often overlook the impacts our actions have…

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Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Feb 10, 2005

Mr. President, I rise today to continue the fight to right a wrong in America's visa program. I believe it's time for America to extend the Visa Waiver program to Poland. I'm pleased to have formed a…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Feb 10, 2005

Mr. President, I am honored to rise with my friend and colleague from Arizona, Senator McCain, to introduce the Climate Stewardship Act. It is an urgent matter. I was thinking of one clause that I…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Feb 10, 2005

Mr. President, today I am introducing a bill to honor Abraham Lincoln in 2009, the bicentennial of his birth, by issuing a series of 1-cent coins with designs on the reverse that are emblematic of…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Feb 10, 2005

Mr. President, I rise today to introduce the next generation of Hispanic Serving Institutions legislation. This legislation is critical if we, as a Nation, are going to continue to compete in a…

Bill Nelson
Sen. Bill NelsonD-FL · Feb 10, 2005

Mr. President, I am pleased to be joined by my colleagues and cosponsors Senators Jay Rockefeller and Richard Lugar as we introduce the Advance Directives Improvement and Education Act of 2005.…

John Warner
Sen. John WarnerR-VA · Feb 10, 2005

Mr. President, I rise today in support of S. 352, the Save Our Small and Seasonal Businesses Act. This legislation, which I'm proud to cosponsor, would provide emergency relief to thousands of small…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Feb 10, 2005

Mr. President, there are many issues we confront these days that are significant and serious. I wanted to bring one to the attention of the Chamber as I introduce legislation. I send a bill to the…

Harry Reid
Sen. Harry ReidD-NV · Feb 10, 2005

Mr. President, we have long recognized that our country has an obligation to take care of the brave men and women who wear the uniform of the United States--and their families. Sixty years ago we…

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Richard G. Lugar
Sen. Richard G. LugarR-IN · Feb 10, 2005

Mr. President, I rise to introduce the Assistance for Orphans and Other Vulnerable Children in Developing Countries Act of 2005. On October 7, 2004, I introduced S. 2939, a bill to improve our…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Feb 10, 2005

Mr. President, I rise today to reintroduce the Canadian Waste Import Ban Act of 2005, to address the rapidly growing problem of Canadian waste shipments to Michigan. Michigan has been known for its…

Rick Santorum
Sen. Rick SantorumR-PA · Feb 10, 2005

Mr. President, I rise today to introduce, along with Senator Mikulski, a bill that would designate Poland as a program country under the Visa Waiver Program under section 217 of the Immigration…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 10, 2005

Mr. President, I rise to introduce the Responsible Education About Life or ``REAL'' Act along with my cosponsors Senators Kennedy, and Mrs. Murray. The REAL Act aims to reduce adolescent pregnancy,…

James M. Jeffords
Sen. James M. JeffordsI-VT · Feb 10, 2005

Mr. President, I am proud to be a strong supporter and original cosponsor of the Save Our Small and Seasonal Businesses Act, which is being introduced today. This legislation will ensure that the…

Barbara Boxer
Sen. Barbara BoxerD-CA · Feb 10, 2005

Mr. President, I am pleased to join my chairman of the Senate Foreign Relations I Committee, Senator Lugar, in reintroducing the Assistance for Orphans and Other Vulnerable Children in Developing…

Ron Wyden
Sen. Ron WydenD-OR · Feb 10, 2005

Mr. President, I am pleased today to introduce the Capital Construction Fund Qualified Withdrawal Act of 2005. My friend and colleague, Senator Smith, joins me in introducing this important bill. In…

Ron Wyden
Sen. Ron WydenD-OR · Feb 10, 2005

Mr. President, I am pleased today to introduce the Capital Construction Fund Qualified Withdrawal Act of 2005. My friend and colleague, Senator Smith, joins me in introducing this important bill. In…

Kent Conrad
Sen. Kent ConradD-ND · Feb 10, 2005

Mr. President, I rise today to introduce legislation to authorize the U.S. Army Corps of Engineers to construct a new municipal water supply system for the city of Devils Lake, ND. This project is…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Feb 10, 2005

Mr. President, I rise today to introduce a bill that will amend the Higher Education Act of 1965 to revise provisions for Hispanic-serving institutions, HSIs, under Title V, Developing Institutions.…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Feb 10, 2005

Mr. President, it is a privilege to join my colleagues, Senators Kerry, Clinton, Sarbanes, Corzine, Mikulski, Dodd, Levin, Reed, Lieberman, Feingold, Inouye, and Akaka in introducing the Safe Nursing…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued February 10, 2005

II

109th CONGRESS

1st Session

S. 343

IN THE SENATE OF THE UNITED STATES

February 10, 2005

Mr. Wyden (for himself and Mr. Smith) 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.

1.

Short title

This Act may be cited as the Capital Construction Fund Qualified Withdrawal Act of 2005.

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.