General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMaryland bill would give $40,000 tax cut to yacht owners
Hoping this bill dies a quick death
Currently, Maryland has a vessel excise tax that charges boat owners 5 percent of the value of their boat if they keep it in the state for more than 90 days a year.
Under the new bill, this tax would be capped at a total of $10,000. That means that the cap would exclusively benefit boat owners whose boats are worth more than $200,000. The owner of a $1 million yacht, for example, would save $40,000 if this cap was put into place.
Read more: http://boldprogressives.org/amidst-budget-crunch-maryland-lawmakers-want-to-cut-taxes-on-rich-boat-owners/
Tommy_Carcetti
(43,189 posts)If it even survives the legislature, that is.
Report1212
(661 posts)nt
DogPawsBiscuitsNGrav
(408 posts)These kinds of things never enter their mind but their always thinking of ways to help the rich.
hughee99
(16,113 posts)They're getting to use "more road" for less gasoline tax. They're cheating people out of gasoline tax revenue.
hack89
(39,171 posts)RI did the same thing to help grow our marina, boat repair and servicing industries. It worked very well - it kept a lot of good paying jobs in state.
hughee99
(16,113 posts)was keeping his boat there. His excise tax would have been about 70k in MA and his sales tax over $400k. I'm not sure that RI even has an excise tax or sales tax for boats anymore.
Stinky The Clown
(67,817 posts)The Chesapeake may be the best boating waters in the US. The boating industry in Maryland is huge. Not all boats are massive luxoyachts. Many very ordinary people have small, very ordinary boats that are their prides and joys. Yes, you have to be above the poverty line to own a boat, but, honestly, not very far above. Boats depreciate very fast. Even if this bill doesn't affect small boat owners (it doesn't) it could be seen as indirectly doing so. Loss of boating industry jobs comes to mind.
All that being said, I am not trying to defend this. I am simply saying it isn't black and white.
Also, keep in mind that Maryland has three parties: Republicans (the smallest party), Conservative Democrats (Republicans anywhere else), and Democrats.
This bill, however, I think will not survive the legislature.
If it does, I think there is a good chance O'Malley would consider signing it because of the jobs issues. Those big assed yachts keep lots of people employed, some at very nice wages.