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.