summary
Introduced
02/12/2025
02/12/2025
In Committee
02/12/2025
02/12/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to extend the exemption from the excise tax on alternative motorboat fuels sold as supplies for vessels or aircraft to include certain vessels serving only one coast.
AI Summary
This bill amends the Internal Revenue Code of 1986 to expand an existing tax exemption for alternative motorboat fuels. Specifically, the bill extends the current excise tax exemption to include vessels that operate exclusively along one coast of the United States, including its territories and possessions. The existing law provides a tax exemption for certain types of fuel used by specific vessels, and this bill broadens that exemption to cover vessels trading between Atlantic or Pacific ports. The amendment will take effect for fuel sold or used after December 31, 2025. The bill, formally named the "Maritime Fuel Tax Parity Act", aims to provide tax relief for maritime businesses operating within a single coastal region, potentially reducing operational costs for shipping and transportation companies that use alternative fuels in their vessels.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Read twice and referred to the Committee on Finance. (on 02/12/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/senate-bill/549/all-info |
| BillText | https://www.congress.gov/119/bills/s549/BILLS-119s549is.pdf |
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