House bill seeks to eliminate yacht tax break - Trade Only Today

House bill seeks to eliminate yacht tax break

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Rep. Mike Quigley, D-Ill., along with Rep. Tim Walz, D-Minn. and Rep. Gary Peters, D-Mich., recently introduced legislation to eliminate taxpayer subsidies for yachts.

The Ending Taxpayer Subsidies for Yachts Act would amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.

"There's absolutely no reason why taxpayers should subsidize luxury yachts," Quigley said in a statement. "As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer."

Click here for the perspective of a Chicago-area sailing forum that includes Quigley's press release.

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