Tax Exemption for Alternative Fuels on Single-Coast Maritime Vessels.
This law extends an existing federal excise tax exemption on alternative motorboat fuels to include commercial vessels operating exclusively along one U.S. coast (Atlantic/Gulf or Pacific). The primary goal is to reduce operating costs for these domestic shipping companies. While directly affecting businesses, this change could indirectly help stabilize the cost of transporting goods domestically.
Key points
Alternative fuels used by specific domestic vessels operating only on one coast are now exempt from the federal excise tax.
The tax relief applies retroactively to fuel sold or used after December 31, 2021, potentially resulting in tax refunds for eligible companies.
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