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Tax Credits for Fishermen Protecting Whales

This act introduces a tax credit for lobster businesses that purchase specialized gear to prevent whale entanglement. It aims to financially support fishermen in adapting to new environmental protection regulations, which may impact their operating costs.
Key points
Lobster businesses can receive a 30% tax credit for purchasing whale entanglement prevention gear.
The credit applies to gear required by state or federal law for whale protection.
A direct pay option is available, meaning businesses can receive the credit as a payment rather than a tax reduction.
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Additional Information
Print number: 117_HR_7849
Sponsor: Rep. Moulton, Seth [D-MA-6]
Process start date: 2022-05-19