The Tea act was passed by the British Parliament in 1773 to reduce the tax on tea shipped to the colonies. The Tea Act of 1773 was one of many measures imposed on the American colonists by the indebted British government.The main purpose of the Tea Act was to help out the faltering East India Company, a key factor in the British economy.he Tea Act of 1773 was one of many measures imposed on the American colonists by the indebted British government. The main purpose of the Tea Act was to help out the faltering East India Company, a key factor in the British economy.