It took more than four years, but the passage of the Marine Tourism Bill is good news for Washington’s marine industry.
If the bill is signed into law by Gov. Jay Inslee, as expected, superyachts will be allowed to stay in Washington waters tax-free for 180 days.
“It’s a victory for not only for marine-related business but for the region in general.” LaCasse Maritime owner Greg Mosely told the Puget Sound Business Journal. “Because the big boats are more welcome to stay here, it puts us on a level playing field with states offering the same services."
Northwest Marine Trade Association vice president Peter Schrappen also was pleased with the bill’s passage.
“We had a lot of people rowing all in the same direction, so everything finally lined up for us," he said.
If signed, the law will go into effect Sept. 1. It allows superyachts registered as limited liability corporations, as many are, to stay in Washington waters 180 days before a 10 percent tax on the value of the boat is imposed.
Without the new law, the tax is imposed after an LLC-registered or entity-owned vessel stays more than 60 days.
Smaller, individually owned boats already can stay for 180 days before they are taxed on their value.