H.R. 5840 — Introduced in House

I 114th CONGRESS 2d Session H. R. 5840 IN THE HOUSE OF REPRESENTATIVES July 14, 2016Mr. Jolly (for himself, Mr. Bilirakis, Mr. Austin Scott of Georgia, Mr. Kind, and Mr. Hultgren) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide a reduced excise tax rate for portable, electronically-aerated bait containers. 1. Short title This Act may be cited as the Fishing Equipment Tax Relief Act of 2016. 2. Three percent rate for portable, electronically-aerated bait containers (a) In general Section 4161(a) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: (4) 3 percent rate for portable, electronically-aerated bait containers In the case of portable, electronically-aerated bait containers, paragraph (1) shall be applied by substituting 3 percent for 10 percent. . (b) Effective date The amendments made by this section shall apply to articles sold by the manufacturer, producer, or importer after December 31, 2016.