Fishing Equipment Tax Relief Act of 2023
Source: Congress.gov ·
294 words in original text
What This Bill Does
This bill changes the federal tax rate on portable, electronically-aerated bait containers. It lowers the excise tax rate (a tax on specific products) on these containers from 10 percent to 3 percent.
Who It Affects
Manufacturers, producers and importers of portable, electronically-aerated bait containers. People who buy these containers may also be affected if the lower tax changes prices.
Key Provisions
- The excise tax rate on portable, electronically-aerated bait containers becomes 3 percent instead of 10 percent (Sec. 2(a))
- The new tax rate applies to articles sold by the manufacturer, producer or importer after December 31, 2023 (Sec. 2(b))
What Changes
Portable, electronically-aerated bait containers will be taxed at 3 percent instead of 10 percent starting after December 31, 2023, when manufacturers, producers or importers sell them.
Important Definitions
Portable, electronically-aerated bait containers: Not defined in bill text.
Effective Date
The amendments apply to articles sold by the manufacturer, producer or importer after December 31, 2023.
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.