Under existing law, all vessels and equipment thereon, used predominantly in the business of commercial shrimping, are exempt from ad valorem tax. This bill would exempt all business of commercial fishing from ad valorem tax
Under existing law, the sale of commercial fishing vessels and machinery and the materials and equipment used by commercial fishermen to capture or attempt to capture fish or other seafood are not exempt from sales and use tax. This bill would create a sales and use tax rate differential of one and one-half percent for the purchase and storage of all vessels and machinery used in the process of commercial fishing. This bill will also exempt bait and all materials and equipment used in the process of commercial fishing from sales and use tax
This bill would define commercial fishing and commercial fishing vessels for the purpose of ad valorem taxation and sale and use taxation
Relating to ad valorem tax; to amend Section 40-9-1 of the Code of Alabama 1975, to exempt all commercial fishing vessels and equipment from ad valorem taxation; relating to sales and use tax; to amend Sections 40-23-1, 40-23-4, as last amended by Act 2019-444, 2019 Regular Session, 40-23-37, 40-23-60, and 40-23-63 of the Code of Alabama 1975, to provide for an exemption for bait and all materials and equipment used by commercial fishermen; and to levy a rate differential of one and one-half percent on the purchase and storage of vessels and machinery used for commercial fishing.
|March 9, 2021||H||Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund|
|Bill Text||HB511 Alabama 2021 Session - Introduced|