Bill Summary
The "Fishing Equipment Tax Relief Act of 2019" is a bill that aims to amend the Internal Revenue Code of 1986 to provide a reduced excise tax rate for portable, electronically-aerated bait containers. This means that the tax on these specific types of fishing equipment will be lowered from 10% to 3%. This change will only apply to articles sold by the manufacturer, producer, or importer after December 31, 2019. The purpose of this legislation is to provide tax relief for those who use portable, electronically-aerated bait containers for fishing. This bill was introduced in the Senate and House of Representatives and if enacted, it will become law.
Possible Impacts
1) People who fish and use portable, electronically-aerated bait containers may see a reduction in their taxes, which could potentially save them money.
2) Manufacturers, producers, and importers of bait containers may see an increase in sales as a result of the reduced excise tax rate.
3) The overall fishing industry may experience a boost as the reduced tax may make it more affordable for individuals to purchase necessary equipment.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1291 Introduced in Senate (IS)]
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116th CONGRESS
1st Session
S. 1291
To amend the Internal Revenue Code of 1986 to provide a reduced excise
tax rate for portable, electronically-aerated bait containers.
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IN THE SENATE OF THE UNITED STATES
May 2, 2019
Mr. Rubio (for himself and Mr. Scott of Florida) introduced the
following bill; which was read twice and referred to the Committee on
Finance
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A BILL
To amend the Internal Revenue Code of 1986 to provide a reduced excise
tax rate for portable, electronically-aerated bait containers.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fishing Equipment Tax Relief Act of
2019''.
SEC. 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, 2019.
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