To amend the Internal Revenue Code of 1986 to provide a reduced excise tax rate for portable, electronically-aerated bait containers.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Fishing Equipment Tax Relief Act of 2023 and requires three percent rate for portable, electronically-aerated bait containers Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after. It relies on tax rate changes, definition changes, compliance mandates, and trade restrictions. The main policy areas are Regulated Industries and Foreign Policy.
Who Benefits and How
Regulated entities and members of the public affected by the bill could face reduced risk and Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Foreign businesses and cross-border trade participants affected by the bill would take on compliance duties.
Key Provisions
- Creates short title This Act may be cited as the Fishing Equipment Tax Relief Act of 2023.
- Requires three percent rate for portable, electronically-aerated bait containers Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Fishing Equipment Tax Relief Act of 2023 and requires three percent rate for portable, electronically-aerated bait containers Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after.
Key Policy Areas
Regulated Industries, Foreign Policy
Primary Purpose
The bill creates short title This Act may be cited as the Fishing Equipment Tax Relief Act of 2023 and requires three percent rate for portable, electronically-aerated bait containers Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after.
Policy Domains
Whole bill
Identified Gains
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Foreign businesses and cross-border trade participants affected by the bill
Sponsors
Marco Rubio
R-FL | Primary Sponsor
Legislative Progress
IntroducedMr. Rubio (for himself and Mr. Scott of Florida) introduced …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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