Monday, April 6, 2009

NY State's Luxury Tax is Nixed

The Marine Industry Publication 'Soundings Trade Only' announced that the state of NY would be dropping their proposed 'Luxury Tax' effecting the sale of boats retailing for more than $200,000. Much like the proposed Illinois Luxury Tax (HB 0451) that was tabled this past February. The NY tax (like the proposed IL tax) would have punished marine retailers in the NY State area and adversely effected employment within the industry.

It is an economic reality of the times we live in that many state and local municipalities are struggling to shore up their operating budgets. Unfortunately,it seems like boating is a ripe target atvarious levels. It will require that the boating community become vigilant of such practices, but most of all,vocal about taxation of the sport that is shared by a enthusiasts from diverse economic backgrounds. The over 300 marine businesses in the state of Illinois that deal with the sales, service and brokerage of boats (both power and sail) would have been negatively effected.

Resources:

New York drops luxury tax proposal -Soundings Trade Only

Karma Yacht Sales Takes Leadership Position in Speaking out against proposed Bill (HB0451) - Illinois State Luxury Goods Tax- KYS Press Release February 23, 2009

Boat Legislation Proposed in Illinois- Dock Talk-February 20, 2009

Get Involved: Proposed Bill HB0451- Luxury Tax- Dock Talk-February 21, 2009

Update on Proposed HB0451- Dock Talk- February 25, 2009

HB0451 (Illinois Luxury Tax) Update -Dock Talk- February 26, 2009