HB 1369 Summary

• Removes the exemption for vessels constructed under section 189-25 prior to July 1, 1969 from both general excise tax and use tax liability.

• Repeals section 237-24.5, which exempted securities exchange fees, membership dues, and amounts received by exchange members and exchanges from general excise tax.

• Adds an expiration date of January 1, 2031 to the general excise tax exemption for sugarcane producers, making it a temporary rather than permanent exemption.

• Renumbers and realigns several statutory references in sections 23-75, 23-77, 23-79, 235-110.7, 237-22, and 238-3 to reflect the removal of the vessel exemption and reorganization of use tax provisions.

• Takes effect on July 1, 2025.