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Report1212

(661 posts)
Fri Feb 1, 2013, 01:17 PM Feb 2013

Maryland 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/
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Maryland bill would give $40,000 tax cut to yacht owners (Original Post) Report1212 Feb 2013 OP
Hope O'Malley nixes this one. Tommy_Carcetti Feb 2013 #1
I'm guessing/hoping it wont Report1212 Feb 2013 #2
How about we give a tax break to people who have cars that get over 28 MPG? DogPawsBiscuitsNGrav Feb 2013 #3
Tax break? People with fuel efficient cars need a tax increase! hughee99 Feb 2013 #5
There are good jobs in the high end boat maintenance business. hack89 Feb 2013 #4
Yes, I recall hearing this a few years ago when Sen(/Sec.) Kerry hughee99 Feb 2013 #6
Funny thing about Maryland . . . . we have 3 parties . . . and boating is a HUGE industry here. Stinky The Clown Feb 2013 #7
 
3. How about we give a tax break to people who have cars that get over 28 MPG?
Fri Feb 1, 2013, 01:27 PM
Feb 2013

These kinds of things never enter their mind but their always thinking of ways to help the rich.

hughee99

(16,113 posts)
5. Tax break? People with fuel efficient cars need a tax increase!
Fri Feb 1, 2013, 02:23 PM
Feb 2013

They're getting to use "more road" for less gasoline tax. They're cheating people out of gasoline tax revenue.

hack89

(39,171 posts)
4. There are good jobs in the high end boat maintenance business.
Fri Feb 1, 2013, 02:18 PM
Feb 2013

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)
6. Yes, I recall hearing this a few years ago when Sen(/Sec.) Kerry
Fri Feb 1, 2013, 02:31 PM
Feb 2013

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

(67,812 posts)
7. Funny thing about Maryland . . . . we have 3 parties . . . and boating is a HUGE industry here.
Fri Feb 1, 2013, 02:40 PM
Feb 2013

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.


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