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Fishing Equipment Tax Relief Act of 2021
12/30/2022, 5:32 PM
Summary of Bill HR 3758
Bill 117 HR 3758, also known as the Fishing Equipment Tax Relief Act of 2021, aims to provide tax relief to individuals and businesses in the fishing industry. The bill proposes to exempt certain fishing equipment from federal excise taxes, specifically those related to fishing rods, reels, lures, and other gear used for recreational and commercial fishing purposes.
The legislation seeks to support the fishing industry by reducing the financial burden on fishermen and businesses that rely on these essential tools. By exempting these items from federal excise taxes, the bill aims to promote economic growth within the fishing sector and encourage more individuals to participate in recreational fishing activities.
If passed, the Fishing Equipment Tax Relief Act of 2021 could have a positive impact on the fishing industry by making fishing equipment more affordable and accessible to a wider range of individuals. This, in turn, could lead to increased participation in fishing activities, boosting local economies and supporting small businesses that rely on the fishing industry for their livelihood. Overall, the bill aims to provide much-needed tax relief to the fishing industry, supporting economic growth and job creation within this important sector.
The legislation seeks to support the fishing industry by reducing the financial burden on fishermen and businesses that rely on these essential tools. By exempting these items from federal excise taxes, the bill aims to promote economic growth within the fishing sector and encourage more individuals to participate in recreational fishing activities.
If passed, the Fishing Equipment Tax Relief Act of 2021 could have a positive impact on the fishing industry by making fishing equipment more affordable and accessible to a wider range of individuals. This, in turn, could lead to increased participation in fishing activities, boosting local economies and supporting small businesses that rely on the fishing industry for their livelihood. Overall, the bill aims to provide much-needed tax relief to the fishing industry, supporting economic growth and job creation within this important sector.
Congressional Summary of HR 3758
Fishing Equipment Tax Relief Act of 2021
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.
Read the Full Bill
Current Status of Bill HR 3758
Bill HR 3758 is currently in the status of Bill Introduced since June 8, 2021. Bill HR 3758 was introduced during Congress 117 and was introduced to the House on June 8, 2021. Bill HR 3758's most recent activity was Referred to the House Committee on Ways and Means. as of June 8, 2021
Bipartisan Support of Bill HR 3758
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
2Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3758
Primary Policy Focus
TaxationPotential Impact Areas
- Hunting and fishing
- Sales and excise taxes
Alternate Title(s) of Bill HR 3758
Fishing Equipment Tax Relief Act of 2021
To amend the Internal Revenue Code of 1986 to provide a reduced excise tax rate for portable, electronically-aerated bait containers.
Fishing Equipment Tax Relief Act of 2021
Comments
Sponsors and Cosponsors of HR 3758
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