AL HB369

Establishes a specific exemption certificate form for purchases of material, equipment, or machinery for commercial fishing vessels over five tons load displacement registered with the U.S. Coast Guard and licensed by the Alabama Department of Conservation and Natural Resources.

Relieves sellers from collecting sales tax under Chapter 23 of Title 40 when purchasers provide the exemption certificate at the point of retail sale, with an itemized receipt attached.

Requires sellers to furnish a copy of the certificate with receipt to the purchaser and retain the original certificate for Department of Revenue examination for at least one year from the certificate date.

Makes the purchaser solely responsible for any tax ultimately determined to be applicable to the items purchased under the exemption.

Becomes effective on the first day of the third month following passage and approval by the Governor.