Updated:
Original:

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

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Entries Open for Neptune Awards

The Marine Marketers of America is accepting submissions for its annual contest in 23 categories through Dec. 6.

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Take Action Now

We must take action to push Congress to reauthorize the Sport Fish Restoration and Boating Trust Fund. Here’s how you can help.

Southern Marinas Acquires Missouri Facility

Millstone Resort and Marina on Lake of the Ozarks is the fifth addition this year to the company’s portfolio.

Forbes Names Brunswick a World’s Best Employer

Brunswick ranked in the top 15 percent overall and in the top 10 for companies in the engineering and manufacturing category.

Fountaine Pajot Names Dealer

Atlantic Cruising Yachts Texas is the French builder’s exclusive representative for the Gulf Coast.

KingFisher Boats, Barnacle Form Partnership

The boatbuilder will offer Barnacle’s BRNKL remote monitoring system on several model year 2022 boats.