Bill > HR2925

This bill amends the Internal Revenue Code to expand an existing tax exemption for alternative motorboat fuels. Specifically, the bill extends the current excise tax exemption to include vessels that serve only one coast of the United States, including its territories and possessions. Currently, the tax exemption applies to certain types of vessels, but this legislation would broaden the definition to cover vessels trading between Atlantic or Pacific ports. The change means that fuel sold or used by these vessels will be exempt from the excise tax, which is a type of tax imposed on specific goods at the point of sale. The amendment will take effect for sales occurring after December 31, 2023, providing a clear timeline for implementation. By expanding the tax exemption, the bill aims to provide tax relief for maritime businesses operating along a single coastline, potentially reducing their operational costs and supporting the maritime transportation sector.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2925/all-info