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AL HB10
Bill
Status
3/29/2022
Primary Sponsor
Chip Brown
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AI Summary
HB10 Summary
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Exempts all commercial fishing vessels and equipment from ad valorem (property) taxation in Alabama.
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Exempts bait and all materials and equipment used by commercial fishermen from sales and use tax.
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Levies a 1.5% privilege/license tax on the purchase and storage of vessels and machinery used for commercial fishing (in lieu of standard sales tax).
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Adds definitions for "commercial fishing," "commercial fishing vessel," and related terms to Alabama tax code sections 40-23-1 and 40-23-60.
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Effective January 1, 2023, with the Department of Revenue authorized to adopt implementing rules.
Legislative Description
Taxation, commercial fishing, ad valorem tax exemption for vessels and equipment, sales and use taxes exemption for bait, levy of excise tax at 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
Delivered to Governor at 3:34 p.m. on March 29, 2022.
3/29/2022