The National Marine Manufacturers Association is asking its members to contact Congress about threats to the second-mortgage interest deduction.
The second-home-mortgage interest deduction can be used by boat owners if their vessel meets certain criteria and they have not used the deduction on another home. This deduction, though very modest in its effects on the federal budget, can be an important factor in encouraging boat sales, according to the NMMA.
“We do not ever intend to alarm our membership unnecessarily, but press reports suggest that some members of the Joint Select Committee on Deficit Reduction (the super committee) are targeting home mortgage interest deductions as a deficit reduction measure,” NMMA legislative director Jim Currie said in a letter to members.
“While we support deficit reduction, we do not believe the super committee is the proper forum for this action, as it does not conduct public hearings and does not solicit public input,” he added. “Furthermore, its proposals are subject only to an up-or-down vote in the Congress and cannot be amended.”