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Hoping to help the British East Indian company out of it's financial problems, Parliament passed the Tea Act in 1773.
A+E Networks. On this day in 1773, the British Parliament passes the Tea Act, a bill designed to save the faltering East India Company from bankruptcy by greatly lowering the tea tax it paid to the British government and, thus, granting it a de facto monopoly on the American tea trade.arliament, outraged by the Boston Tea Party and other blatant acts of destruction of British property, enacted the Coercive Acts, known to colonists as the Intolerable Acts, the following year.