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Fishing Equipment Tax Relief Act of 2023
12/15/2023, 4:05 PM
Summary of Bill S 101
The Fishing Equipment Tax Relief Act of 2023, also known as Bill 118 s 101, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to provide tax relief for individuals and businesses that purchase fishing equipment.
If passed, the bill would provide a tax credit for individuals and businesses that purchase fishing equipment, such as rods, reels, lures, and tackle. The tax credit would be equal to a certain percentage of the purchase price of the equipment, up to a specified limit.
The bill aims to encourage more people to participate in fishing, which is not only a popular recreational activity but also an important industry that supports many jobs across the country. By providing tax relief for the purchase of fishing equipment, the bill seeks to make fishing more affordable and accessible to a wider range of individuals. Overall, the Fishing Equipment Tax Relief Act of 2023 is designed to support the fishing industry and promote the benefits of recreational fishing. It is currently being debated in Congress, and its fate will ultimately be decided by lawmakers in the coming months.
If passed, the bill would provide a tax credit for individuals and businesses that purchase fishing equipment, such as rods, reels, lures, and tackle. The tax credit would be equal to a certain percentage of the purchase price of the equipment, up to a specified limit.
The bill aims to encourage more people to participate in fishing, which is not only a popular recreational activity but also an important industry that supports many jobs across the country. By providing tax relief for the purchase of fishing equipment, the bill seeks to make fishing more affordable and accessible to a wider range of individuals. Overall, the Fishing Equipment Tax Relief Act of 2023 is designed to support the fishing industry and promote the benefits of recreational fishing. It is currently being debated in Congress, and its fate will ultimately be decided by lawmakers in the coming months.
Congressional Summary of S 101
Fishing Equipment Tax Relief Act of 2023
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 S 101
Bill S 101 is currently in the status of Bill Introduced since January 26, 2023. Bill S 101 was introduced during Congress 118 and was introduced to the Senate on January 26, 2023. Bill S 101's most recent activity was Read twice and referred to the Committee on Finance. as of January 26, 2023
Bipartisan Support of Bill S 101
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 101
Primary Policy Focus
TaxationPotential Impact Areas
- Hunting and fishing
- Sales and excise taxes
Comments
Sponsors and Cosponsors of S 101
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