Seafood products manufacturing

From the 2024 DOR Tax Exemption Study

82.04.4269 - Seafood products manufacturing Description Manufactured seafood products that remain in a raw, raw frozen, or raw salted state are exempt from B&O tax for the following activities: - The manufacture of seafood products. - The sale of manufactured seafood products to purchasers who transport it out- of-state in the ordinary course of business. This exemption expires July 1, 2035. Purpose To provide tax relief to seafood processors and to create and retain jobs within the seafood industry. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $1.997 $1.724 $1.487 $1.283 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $1.580 $1.487 $1.283 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate reflects the compound annual growth rate of -13.7% based on incentive savings reported in the annual tax performance reports. Data Sources - Department of Revenue, Annual tax performa