Commercial fishing privileges

From the 2024 DOR Tax Exemption Study

82.87.050(8) - Commercial fishing privileges Description The capital gains tax does not apply to the sale or exchange of commercial fishing privileges. Purpose To provide a tax preference for individuals working in a regulated fishing industry. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI 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 CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This exemption impacts fewer than five taxpayers; any impacts are confidential. Data Sources - Economic and Revenue Forecast Council, March 2023 forecast - Internal Revenue Service (2022), Sales of Capital Assets Reported on Individual Tax Returns - Internal Revenue Service (n.d.), Historic Table 2, Tax Year 2015 Additional Additional Information Information Category: Individuals Year Enacted: 2021 Primary Beneficiaries: Individuals with capital gains from the sale of commercial fishing privileges Taxpayer Count: Fewer than five Program Inconsistency: None evident JLARC