MRAA joins coalition seeking ‘death tax’ repeal

Publish date:
Social count:

The Marine Retailers Association of the Americas signed a letter asking legislators to extend the 2010 estate tax compromise.

As a member of the Family Business Estate Tax Coalition, the MRAA and others who signed the letter asked Speaker of the House John Boehner and House Minority Leader Nancy Pelosi to fully repeal the estate tax — referred to by opponents as the “death tax” — or, at a minimum, to maintain current estate tax policy.

Current policy has an exemption level of $5 million and a maximum rate of 35 percent.

“Congressional action on the estate tax is urgently needed to prevent it from ensnaring thousands of new and unsuspecting family-owned businesses in 2013,” the coalition wrote in the letter.

The estate tax consists of an accounting of everything you own or have certain interests in at the date of death, according to the Internal Revenue Service. A “fair market value” is assigned to the property.

A filing is required for estates with combined gross assets and prior taxable gifts exceeding $5 million for descendants dying in 2010 or later, according to the IRS.

“We believe it is essential that Congress act before the end of the year, or else the progress made on the estate tax will be undone by returning to the pre-2001 level of a $1 million exemption and a 55 percent rate to estates, and eliminating the current policy on spousal transfer,” the letter states. “Such an outcome would have a devastating impact on family-owned businesses and farms.”

Click here to view the letter.


Connecticut spring show adds charity benefit

The Connecticut Spring Boat Show will be held Friday May 4 through Sunday, May 6, at Brewer Essex Island Marina in Essex, Conn., and this year will be the first time that admission fees will benefit the charity SailsUP4Cancer

Cobalt’s first 23-foot outboard model unveiled

Cobalt Boats introduced its first 23-foot outboard, the Model 23SC, to offer first-time buyers and occasional boaters seeking higher quality and reliability the same level of construction, performance and attention to detail offered in its larger boats.

AIM announces new hires

Catapult Creative Labs, the internal marketing communications agency of Active Interest Media, has hired Andrea Kupfer as vice president, account executive and Christina Erb LoVullo as creative services director. Kupfer will lead Catapult’s long-term sales growth and profitability and Erb LoVullo will oversee marketing and creative services.