H.R. 2925, titled the “Maritime Fuel Tax Parity Act,” proposes an amendment to the Internal Revenue Code of 1986. The bill aims to extend the existing tax exemption on alternative motorboat fuels, which are sold as supplies for vessels or aircraft. Specifically, this extension includes...
Simple Explanation
H.R. 2925 is a proposed law that wants to make it cheaper to use special fuels for boats that travel between ports on the same coast, like all along the East or West coast of the United States. They want to give these boats a tax break on the fuel they use, which means less money paid in taxes, but it's unclear which boats exactly get this deal.