Skip to main content

Washington tax break on trade-ins in jeopardy

Washington State lawmakers are considering repealing a law that gives tax breaks on the value of traded-in property, including boats and cars.

The state missed out on $315 million in tax revenue in 2008 and 2009 because of the policy - a lot of money to legislators looking for ways to fix a $2.8 billion shortfall, The News Tribune newspaper reports.

Senate budget writers this week proposed getting rid of the trade-in break to save $92 million next year, one of the largest of 26 tax exemptions they targeted.

"The vast majority of people have no knowledge that they're even being given this incentive," said Sen. Rodney Tom, a Medina Democrat and vice chairman of the Senate Ways and Means Committee. "If people can afford a car, they can afford a car."

There are pros and cons to repealing the tax, said Marilyn Watkins, policy director for the Economic Opportunity Institute, a think tank that has argued for eliminating tax exemptions. It avoids regressive taxation, she said, since it skews toward affecting larger purchases.

Click here for the full article.

Related

1_CMTA.KAWECKI

CMTA Names Managing Director

The trade organization promoted Jen Kawecki, who will help grow its membership and support the Hartford Boat Show.

1_FALLBOATSHOW

AIM Announces Connecticut Fall Boat Show

The show, organized by Active Interest Media, will kick off Oct. 7 in Branford at Bruce & Johnsons Marina.

1_MARINEMAX.IBY

MarineMax to Acquire IGY Marinas

The $480 million transaction gives the company a collection of marina assets and a yacht management platform in key yachting destinations around the world.

1_BRP

BRP Launches Multiple New Products

The company debuted Rotax outboards, new Manitou and Alumacraft models and an electric hydrofoil board.

1_EVERGLADES

Everglades Hires Director

Caroline Cozier will lead the company’s sales initiatives in the Northeast, Mid-Atlantic, Great Lakes and Canada.

1_DEALEROUTLOOK

Three Great Ways To Tick-Off Your Customers

As boat sales normalize, it’s essential to keep the customers you have. Here’s what not to do.

1_CHAPARRAL

Buck Pegg Turns 80

Flags were flown at the Georgia State and U.S capitols in honor of the Chapparal Boats founder’s birthday.