Fishing Equipment Tax Relief Act of 2023

Bill: 118-s-101
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2023-01-26
Policy area: Taxation
Subjects: Hunting and fishing

Sales and excise taxes
Latest action: action_date: 2023-01-26
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-01-26
action_desc: Introduced in Senate
text: <p><b>Fishing Equipment Tax Relief Act of 202</b><strong>3</strong></p> <p>This bill reduces from 10% to 3% the excise tax rate that applies to the sale of portable, electronically-aerated bait containers by the manufacturer, producer, or importer.</p>

tv_txt: II 118th CONGRESS 1st Session S. 101 IN THE SENATE OF THE UNITED STATES January 26, 2023 Mr. Rubio (for himself and Mr. Scott of Florida ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide a reduced excise tax rate for portable, electronically-aerated bait containers.

1. Short title This Act may be cited as the Fishing Equipment Tax Relief Act of 2023 . 2. Three percent rate for portable, electronically-aerated bait containers (a) In general Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: (4) 3 percent rate for portable, electronically-aerated bait containers In the case of portable, electronically-aerated bait containers, paragraph (1) shall be applied by substituting 3 percent for 10 percent . . (b) Effective date The amendments made by this section shall apply to articles sold by the manufacturer, producer, or importer after December 31, 2023.