Maritime Fuel Tax Parity Act

Hozzl · 2023-12-15T16:09:18Z

Explore the details of Senate Bill 3001 Maritime Fuel Tax Parity Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:09 PM

Summary of Bill S 3001

The Maritime Fuel Tax Parity Act, also known as Bill 118 s 3001, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to establish tax parity for maritime fuel used by vessels in the United States.

Currently, there is a discrepancy in the tax rates applied to different types of fuel used by vessels. This bill aims to address this issue by ensuring that all maritime fuel is taxed at the same rate, regardless of the type of vessel using it.

The Maritime Fuel Tax Parity Act has received bipartisan support in Congress, with lawmakers from both parties recognizing the importance of ensuring a level playing field for all vessels operating in US waters. If passed, this bill would have a significant impact on the maritime industry, potentially reducing costs for companies that rely on maritime transportation. It could also help to promote fairness and competitiveness within the industry. Overall, the Maritime Fuel Tax Parity Act is an important piece of legislation that aims to address tax disparities in the maritime industry and promote a more level playing field for all vessels operating in US waters.

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Current Status of Bill S 3001

Bill S 3001 is currently in the status of Bill Introduced since September 29, 2023. Bill S 3001 was introduced during Congress 118 and was introduced to the Senate on September 29, 2023. Bill S 3001's most recent activity was Read twice and referred to the Committee on Finance. as of September 29, 2023

Bipartisan Support of Bill S 3001

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3001

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 3001

Maritime Fuel Tax Parity Act

A bill to amend the Internal Revenue Code of 1986 to extend the exemption from the excise tax on alternative motorboat fuels sold as supplies for vessels or aircraft to include certain vessels serving only one coast.