New Jersey’s new bipartisan boat sales tax cap, coupled with a reduction of taxes on boat sales by half to 3.5 percent, will help the state’s hard-hit industry.
That’s according to an editorial in the Press of Atlantic City, which says that although the tax change will benefit those buying yachts the most in terms of dollars, those people were buying in other states with more favorable laws.
“Buyers of yachts for more than $571,000 will save the most, of course, but since many are going to other states to avoid the tax now, they'll just be paying the reduced rate to New Jersey instead of to New York, Florida, Maryland and others,” the editorial stated.
“And they'll be able to visit New Jersey in their boats without fear of impoundment and tax claims by state agents, and spend their money here. Starting next year, that will provide a growing stimulus to shore businesses — and show what's possible when leaders put partisan rivalries aside.”
“Let no one say New Jersey’s political parties can’t work together to help the struggling South Jersey economy,” the newspaper said.