Fishing Equipment and Bow Hunting Equip Taxes Just went up

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Reaper
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Posts: 147
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Fishing Equipment and Bow Hunting Equip Taxes Just went up

Post by Reaper » Tue Jul 16, 2013 8:55 am

http://www.irs.gov/pub/irs-pdf/i720.pdf

fishing poles) (IRS No. 41). The tax on sport fishing
equipment is 10% (.10) of the sales price. The tax is paid by
the manufacturer, producer, or importer. Taxable articles
include reels, fly fishing lines (and other lines not over 130
pounds test), fishing spears, spear guns, spear tips, terminal
tackle, fishing supplies and accessories, and any parts or
accessories sold on or in connection with these articles. See
Pub. 510 for a complete list of taxable articles. Add the tax on
each sale during the quarter and enter the total on the line for
IRS No. 41.
Fishing rods and fishing poles (IRS No. 110). The tax on
fishing rods and fishing poles (and component parts) taxed at
a rate of 10% will have a maximum tax of $10 per article. The
tax is paid by the manufacturer, producer, or importer. Add
the tax on each sale during the quarter and enter the total on
the line for IRS No. 110.
Electric outboard motors (IRS No. 42). The tax on an
electric outboard motor is 3% (.03) of the sales price. The tax
is paid by the manufacturer, producer, or importer. Add the
tax on each sale during the quarter and enter the total on the
line for IRS No. 42.
Fishing tackle boxes (IRS No. 114). The tax on fishing
tackle boxes is 3% (.03) of the sales price. The tax is paid by
the manufacturer, producer, or importer. Add the tax on each
sale during the quarter and enter the total on the line for IRS
No. 114.
Bows, quivers, broadheads, and points (IRS No. 44).
The tax on bows is 11% (.11) of the sales price. The tax is
paid by the manufacturer, producer, or importer. It applies to
bows having a peak draw weight of 30 pounds or more. The
tax is also imposed on the sale of any part or accessory
suitable for inclusion in or attachment to a taxable bow and
any quiver, broadhead, or point suitable for use with arrows
described below. Add the tax on each sale during the quarter
and enter the total on the line for IRS No. 44.
Arrow shafts (IRS No. 106). The tax on arrow shafts is
$.48 per arrow shaft. The tax is paid by the manufacturer,
producer, or importer of any arrow shaft (whether sold
separately or incorporated as part of a finished or unfinished
product) of a type used in the manufacture of any arrow
which after its assembly meets either of the following
conditions.
It measures 18 inches or more in overall length.
It measures less than 18 inches in overall length but is
suitable for use with a taxable bow, described earlier.
Exemption for certain wooden arrows. The tax does
not apply to any shaft made of all natural wood with no
laminations or artificial means of enhancing the spine of such
shaft (whether sold separately or incorporated as part of a
finished or unfinished product) and used in the manufacture
of any arrow which after its assembly meets both of the
following conditions.
It measures 5
16 of an inch or less in diameter.
It is not suitable for use with a taxable bow, described
earlier.
Add the tax on each sale during the quarter and enter the
total on the line for IRS No. 10

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Ironcat
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Posts: 500
Joined: Tue Jan 04, 2011 8:45 am

Fishing Equipment and Bow Hunting Equip Taxes Just went up

Post by Ironcat » Tue Jul 16, 2013 9:22 am

Without seeing what the tax was before it's hard to say how much anything is going to go up.

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Reaper
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Posts: 147
Joined: Sat May 14, 2011 7:13 am

Re: Fishing Equipment and Bow Hunting Equip Taxes Just went

Post by Reaper » Tue Jul 16, 2013 10:55 am

These are new taxes

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