This week, Florida’s two U.S. senators teamed up to offer a proposal offering tax relief for fishing companies.
U.S. Sen. Marco Rubio, R-Fla., and U.S. Sen. Rick Scott, R-Fla., brought out the “Fishing Equipment Tax Relief Act” on Thursday, insisting the bill “would create excise tax fairness for potable, electronically-aerated bait containers to be the same as the parts used to assemble it.”
Rubio’s office weighed in on why the senator had offered the proposal.
“The tax code currently penalizes small businesses that manufacture these bait containers by applying the 3 percent rate if the parts are sold separately, but the 10 percent tax rate if the product is sold assembled,” Rubio’s office insisted.
“Florida’s robust saltwater fishing industry is critical to our state’s economy and our residents’ way of life. This important legislation will provide meaningful relief to Florida’s fishing industry and ensure it continues to be a thriving piece of our state’s economy,” Rubio said. “Florida is the fishing capital of the world, and I take my responsibility seriously to protect our state’s environment and economy for future generations.”
“Throughout my eight years as governor of Florida, we turned Florida’s economy around. We cut taxes and eliminated burdensome regulations, saving Floridians more than $10 billion. I’m proud to build on those efforts by supporting the Fishing Equipment Tax Relief Act. This bill would save families more of their hard-earned money as they enjoy Florida, the fishing capital of the world,” Scott said.
Saltwater fishing plays a major role in Florida’s economy with an $8 billion impact and supporting more than 114,000 jobs across the Sunshine State.
The bill was sent to the U.S. Senate Finance Committee on Thursday. So far, there is no counterpart over in the U.S. House.
Kevin Derby can be reached at Kevin.Derby@floridadaily.com.