Skip to main content
Updated:
Original:

MRAA petitions for estate-tax relief

The Marine Retailers Association of America joined with 43 other national small business trade associations in asking the Senate to pass permanent estate tax legislation that improves upon the House-passed bill.

MRAA has long supported total repeal of the estate tax, a tax originally passed in the late 1800s to pay for the Spanish-American War, the association said in a statement.

With total repeal highly unlikely in the near future, MRAA is urging Congress to provide more permanent and certain relief for family-owned businesses and farms by increasing the per-person exemption to $5 million, which would be indexed for inflation, and reducing the top estate tax rate to 35 percent.

"We believe this relief is critical for boat dealerships and marina operators at a time when we are struggling to create jobs," MRAA chairman Ed Lofgren said in a statement. "Our members need permanent relief to help plan for the future when their businesses are passed to children."

Related

Year-End Tax Planning Guidance

These tips can help employers maximize cash savings, minimize tax exposure and more

Mercury Marine to Open Ind. Distribution Center

The new 512,000-square-foot facility will help the manufacturer meet record consumer demand for parts and accessories. The company is also expanding production at its main campus in Wisconsin.

GM Invests $150 Million in Pure Watercraft

An interview with Pure founder and CEO Andy Rebele.

Sea Tow, Southport Boats Form “Peace of Mind” Partnership

Sea Tow’s Gold Card, which includes two years of coverage, will now come standard with new Southport models.

Yamaha Rightwaters Goes International

The conservation initiative becomes an international effort as Yamaha Motor Australia joins a cleaner-ocean campaign.

Perfect Timing

With all the new boats sold recently, it’s inevitable that a good percentage will wind up on the used market. MRAA has launched a Certified Pre-Owned Boat Program to help dealers strengthen this profit center.

A Boatbuilder in Congress?

Robert Healey Jr., of Viking Yacht Co., is running for a U.S. House of Representatives seat in New Jersey.

Monterey and Blackfin to Expand Operations

The company will add 50,000 square feet of manufacturing space to meet increased demand, creating 150 job opportunities.