Group opposes loss of interest deduction in California

The MRA is urging California boaters to oppose a bill that would eliminate interest deductions on second homes.
Author:
Updated:
Original:

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.

Related

Boat Demand Remains Strong, But Inventory Shortages Prevail

Dealers worry that the absence of new boats is driving up prices.

Electric Boat Company Completes IPO Process

Canada-based e-mobility outfit Vision Marine raises $27.6 million to reinvest in its line of electric vessels and 180-hp, E-Motion outboard.

Besenzoni Introduces Electric-Powered Gangways

The company says it will introduce electric power across its line of ladders, tender lifts and more.

Quick Hits: November 30, 2020

Newmar celebrates 50 years; Pebble Mine permit denied by Army Corps; and several yacht builders will feature Raymarine.

NTSB Calls for Safety Changes After Dive Boat Fire Killed 34

Recommendations included interconnected smoke detectors and alternative escape paths.

Boat Registrations Continued to Soar

Strong demand continued through September.

2020: What We Learned

A cross- section of industry leaders weighs in.