Luxury tax proposal dies in IllinoisPosted on
The Illinois state legislature’s revenue and finance committee decided yesterday not to move forward with a bill to impose a 5 percent luxury tax on boats costing more than $200,000, according to the National Marine Manufacturers Association.
Mark Adams, vice president of sport shows for the NMMA, along with opponents from six different marine-related organizations and businesses, attended the hearing to testify in opposition to the tax.
But before testimonies could be heard, the committee echoed industry concerns about the tax and withheld a motion to take up the legislation.
“While we understand Illinois must address its looming budget deficit, we are pleased the committee realizes a counterproductive tax like this one is not the answer,” said David Dickerson, NMMA director of state government relations, in a statement.
“Despite assurances from the bill sponsor that similar measures will not be pursued, we will continue to monitor any new legislation moving forward,” he added.
Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!
Basic subscription: Registered members get free access to 10 premium content stories each month!
Individual subscription: $29 for unlimited site access for one year.
Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.
Corporate subscription: $300 for unlimited site access for all members of a company for one year.
You may close this dialog after seconds.