46 U.S.C. § 53504 — Deposits and withdrawals
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 117 words · no verdicts yet
The fund agreement must require deposits large enough to cover future qualified withdrawals. The Secretary can't require deposits above 50 percent of the taxable income earned that year from operating the agreement vessel.
(a) Required Deposits. The agreement setting up a capital construction fund must require deposits into the fund in amounts agreed to be enough to cover qualified withdrawals under section 53509.
(b) Applicable Requirements. Deposits and withdrawals follow the rules in the agreement or the Secretary's regulations. But the Secretary* can't require someone to deposit, in a tax year, more than 50 percent of the part of that person's taxable income for the year (as figured under section 53505(a)(1)) that comes from operating an agreement vessel*.
An agreement to establish a capital construction fund shall provide for the deposit in the fund of the amounts agreed to be appropriate to provide for qualified withdrawals under section 53509 of this title.
Deposits in and withdrawals from the fund are subject to the requirements included in the agreement or prescribed by the Secretary* by regulation. However, the Secretary may not require a person to deposit in the fund for a taxable year more than 50 percent of that portion of the person’s taxable income for that year (as determined under section 53505(a)(1) of this title) that is attributable to the operation of an agreement vessel*.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1593.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1593
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
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