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AL HB511
Bill
Status
3/9/2021
Primary Sponsor
Chip Brown
Click for details
AI Summary
HB511 Summary
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Expands ad valorem tax exemption from commercial shrimping vessels only to all commercial fishing vessels and their equipment.
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Creates 1.5% sales and use tax rate differential (reduced from standard rate) for purchase and storage of vessels and machinery used in commercial fishing.
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Exempts bait and all materials and equipment used directly in commercial fishing from sales and use tax.
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Defines "commercial fishing" as the activity of catching or processing fish or other seafood for profit, including shrimpers, oysterers, lobsterers, and crabbers.
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Effective January 1, 2022.
Legislative Description
Taxation, ad valorem tax, sales and use taxes, commercial fishing vessels and equipment exempt from ad valorem taxation, levy a rate differential of one and one-half percent on purchase and storage of vessels and machinery used for commercial fishing, Secs. 40-9-1, 40-23-1, 40-23-4, 40-23-37, 40-23-60, 40-23-63 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/9/2021