1. Short title
This Act may be cited as the “Fishing Equipment Tax Relief Act of 2017”.
Fishing Equipment Tax Relief Act of 2017
A BILL
To amend the Internal Revenue Code of 1986 to provide a reduced excise tax rate for portable, electronically-aerated bait containers.
2. Three percent rate for portable, electronically-aerated bait containers
In general— Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph:
“(4) 3 percent rate for portable, electronically-aerated bait containers—In the case of portable, electronically-aerated bait containers, paragraph (1) shall be applied by substituting “3 percent” for “10 percent”.”
Effective date— The amendments made by this section shall apply to articles sold by the manufacturer, producer, or importer after December 31, 2017.