Luxury-boat tax break
Big carrot in the Big Apple. No sales tax on boats over $230K!New Yorkers are expected to cast restraint aside and splash out on a new boat following the recent announcement of a big carrot or apple — a tax break for purchases of new luxury boats (and private planes).
New York Governor Cuomo has announced forthwith that sales tax now only applies to the first $230,000 of the purchase prize of new boats, regardless of their total cost or size.
The idea behind the sales-tax break is to attract new-boat business from Florida, where the weather and existing tax breaks leave New York out in the cold.
In Florida, there is just 6 per cent sales tax on new-boat sales and the maximum tax that can be collected on any boat sales is just $18,000.
There are reportedly nearing half a million boats registered in New York, but the the number of bigger yachts may well increase in future if the tax breaks attract boat buyers.
The new luxury-boat tax break, which has been dubbed the "SS Giveaway" and of course ires the social left, was designed to increase jobs in the broader marine industry.
Meantime, no such luck back here in Australia, where Joe Hockey has been using his Inter Generational Report to put the fear up retirees and their boating dreams.
Read the latest Boatsales Network news and reviews on your mobile, iPhone or PDA at the Boatsales Network's mobile site. Or download the App for smartphone and tablet.
Tags
Please see our Editorial Guidelines & Code of Ethics (including for more information about sponsored content and paid events). The information published on this website is of a general nature only and doesn’t consider your particular circumstances or needs.
