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Missouri may end tax exemption on boat purchases

Missouri lawmakers are considering the repeal of a longstanding sales tax exemption for boat buyers.

The exemption allows buyers of big boats to pay a small fee in lieu of sales taxes and shave as much as $30,000 off the purchase of a $500,000 boat. The exemption, which does not apply to smaller boats, has cost state and local governments an estimated $6 million a year, according to a report in The Kansas City Star.

The proposed bills would eliminate the exemption and divert the tax money to state programs for veterans, domestic violence victims or schoolchildren.

Missouri boat dealers defended the exemption, arguing that eliminating it would lead to job losses and cost the state more money than it would save, the newspaper reports.

Click here for the full article.

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