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

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.