Skip to main content

NMMA: Urge your senator to support boat-interest deduction

The National Marine Manufacturers Association is asking its members to let their U.S. senators know they do not want to see the elimination of the deduction for boats that are used as second homes.

“The boat interest deduction is under attack again, this time on the Senate side of the Hill,” NMMA legislative director Jim Currie said in an e-mail to members.

The sample letter states, “It has come to my attention that one of the ideas that Sen. Jay Rockefeller, D-W.V., and others have proposed as a way to address this country’s budget deficit involves removing the deduction for interest paid on the purchase of a boat that is used as a second home. Let me say first of all that we need to address the budget deficit in a serious fashion, and all of us should contribute to this effort. Targeting boats, or what some refer to as ‘yachts,’ however, is simply a bad idea.”

If land-sited dwellings and RVs can qualify for an interest deduction as a second home, why should a liveaboard boat be excluded simply because it floats on the water, the letter asks.

The boatbuilding industry in this country, which directly employs more than 135,000 American workers and pumps over $31 billion into our economy, has not recovered from the recession, and such action will not spur a recovery. Also, people who own these vessels are not the rich people some might perceive them to be, the letter says.

Click here for information on how to generate a letter and send it to lawmakers.

Related

MIBS To Open With Gala

The event, to be held after opening day closes Feb. 16, will include the unveiling of Discover Boating’s “See You Out Here” campaign.

MarineMax Reports Record First Quarter

The company reported revenue growth of 15 percent to more than $472 million, with net income increasing 52 percent to $35.9 million.

AIM Marine Group Names New Publishers

The moves affect the company’s Power & Motoryacht, Anglers Journal, PassageMaker and Sail magazine titles.

Brunswick Releases Q4 Earnings Report

The company showed record growth across its brands for the quarter and fiscal year 2021.

A High Priority

As invasive Asian carp continue working their way toward the Great Lakes, the governors of several states in the region appeal to Congress to push for funding that would stop that spread.

DEALERS: How Are You Finding and Keeping Staff?

Take this month’s Pulse Report Survey here.

Suntex Acquires Lynn Creek Marina

The Grand Prairie, Texas, facility is the latest addition to Suntex’s U.S. marina holdings.