Group opposes loss of interest deduction in CaliforniaPosted on
The Marine Recreation Association is urging California boaters to oppose a bill that would eliminate interest deductions on second homes, which also includes vessels that qualify as second homes.
“Because of the high cost of purchasing a boat, the tax implications can be a deciding factor for a potential buyer considering a vessel purchase,” the association said in draft text it encouraged opponents of the bill to use.
“Eliminating this deduction will not only impact the sales of new and used vessels, but the loss of those sales will also impact the businesses that would have otherwise served those buyers.
The association said an estimated 40,000 to 45,000 boats in California could qualify for the exemption if they are financed.
The group said the bill will soon be scheduled to be heard in the state Assembly’s Housing and Community Development Committee. It urged people to contact their local lawmaker to oppose the measure.