Fishing Tackle Makers- Federal Exise Tax -Form 637

[CrappieMagnet]

If you manufacture your own fishing tackle for resale,you must pay this tax!You pay ten percent of your sales!Here is a PDF file for registration.

http://www.irs.gov/pub/irs-pdf/f637.pdf

One of my sponsors was made aware of this the hard way.Over $30,000 in fines and penalties!

Just a heads up!

DON"T BE IGNORANT!
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This may explain it a little!


Sport Fish Restoration (SFR), which involves a cooperation between state and federal government, the fishing and boating industries, and anglers and boaters, has been an ambitious and successful endeavor. A variety of SFR projects touch our lives on a daily basis; children and adults learn how to fish and keep the aquatic environment healthy.

Fishing piers are built. Boating access facilities are constructed. Prime fishing waters are preserved and fisheries research projects are conducted to provide data to maintain healthy fish populations.

Originally passed in 1950 and strongly supported by anglers throughout the nation, the Sport Fish Restoration Act (Dingell - Johnson Act) placed a 10% excise tax on fishing rods, reels, lures, fishing line, and related fishing equipment. In 1984 Congress passed the Wallop Breaux amendments to the Act, also widely supported by resource users, which included import duties on yachts and a motorboat fuel tax on gasoline.

As a result of important partnerships formed during the 1984 amendments, each state now spends at least 15% of SFR monies on boating access and up to 10% on aquatic resource education and fisheries outreach activities. Monies are distributed depending upon the size of the state and the number of fishing licenses sold with no state receiving more than 5.0% or less than 1.0%. The program provides a valuable investment in the maintenance and enhancement of our natural resources and the tremendous economic benefits they generate for the future.

The Alabama Wildlife and Freshwater Fisheries Division receives no General Fund money for fisheries nor wildlife management. Funds from fishing and hunting license sales are used to match federal Wallop Breaux funds.

or click on this link.

http://www.outdooralabama.com/resear...sport-fish.cfm

[backtocrappie]

Good report! But those flies I have been selling were sold as tax free Al Gore "lightbulbs". The rods I sell are sold as "tomato stakes".