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23 June, 2017

U.S.C.G. - February 2016

Boat U.S. Reports that the USCG will begin issuing Certificates of Documentation which will be valid for 5 years instead of 1 year. At this time we have no news on when this will begin, or how it will affect fees.
NEW YORK

New York capped its sales tax on yachts as part of its "just approved" state budget. Starting June 1, 2015, buyers of yachts in the Empire State will pay tax on only the first $230,000.00 of the purchase price - or, in most counties, 8.25% or $18,975.00

(Example: If the county rate is 4% - Cap would be $9,200.00).


MARYLAND

On July 1, 2013, a new cap on the amount of vessel sales and use tax will took effect, and the maximum tax that can be applied is $15,000.00 Per Vessel. This means that a boat of greater than $300,000 will achieve tax savings. There is a 2016 sunset provision, but at least until then, there is every incentive to purchase and homeport larger boats in Maryland. Let’s hope that continues past 2016.
FLORIDA – STAY UP TO 180 DAYS TAX FREE!!!

Non-residents who purchase a boat over 5 net tons in Florida, can purchase a 90 day tax exempt decal from their broker. This can now be extended to 180 days, if the purchaser opts for the 2nd decal before the 60th day. Tax exempt decals may only be obtained from the Selling Yacht Broker/Dealer who is licensed by the State of Florida. Sales between individuals do not qualify for the tax exemption. (Dinghies are taxable as they are under 5 net tons, unless removed within 10 days of the date of purchase).

FLORIDA – JULY 2010

An $18,000 sales/use tax cap was introduced on all vessels purchased on or after July 1, 2010.
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CONNECTICUT – ELIMINATES LUXURY TAX ON BOATS

A new law repeals the .65% luxury tax on boats costing more than $100,000 which was imposed in 2001. Public Act 13-184. Governor Daniel Mallow also signed provisions that allow boats to remain in the state for up to 60 days with no sales and use tax liability. This extends by two months the state sales and use tax exemption for winter storage.

Sales occurring on or after July 1, 2013, a vessel shall be exempt from sales tax provided the vessel is docked in Connecticut for sixty (60) or fewer days. Previously, the state had effectively taken the position that any use of a vessel in Connecticut could conceivably trigger use tax liability.

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