Tax Cut on Fishing Gear: Lower Excise Rate for Aerated Bait Containers.
This bill significantly reduces the federal excise tax on portable, electronically-aerated bait containers, dropping the rate from 10% to 3%. The goal is to lower the purchase cost of this specific equipment for anglers. These tax changes will apply to products sold by manufacturers, producers, or importers after December 31, 2023.
Key points
The excise tax rate for portable, electronically-aerated bait containers is reduced from 10% to 3%.
This reduction aims to make this specific type of fishing equipment potentially cheaper for consumers starting in 2024.
Status:
Expired
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