The Triton

News

NY caps sales tax on boats

ADVERTISEMENT

Within hours of New York’s legislature signing its budget into law — a $142 billion budget with a controversial cap on sales tax due for vessels worth more than $230,000 — Capt. Tedd Greenwald had cancelled his yacht’s reservations for Connecticut and moved the owner’s yacht operations to New York City. The American-flagged 82-foot Viking will be homeported in the America’s largest city when it is delivered later this spring.

“It’s a big game changer for us,” Capt. Greenwald said. “The owner is registering the boat in New York state and our home port is New York City. I guess we can have a big apple house flag.”

New York lawmakers passed the state budget early this morning that caps sales tax on private plane and boats. Buyers will only pay state sales tax on the first $230,000 of the purchase price, making New York competitive with Florida and other East Coast states. The cap will take effect June 1.

 

Related Posts...
The Marine Industries Association of South Florida has cancelled Marine Read more...
Divers and anglers are invited to sign up for the Read more...
A South Florida judge has denied a yacht owner’s request Read more...
The owner of the iconic Willy T, a floating restaurant Read more...
Maritime Professional Training in Fort Lauderdale, Florida, is offering a Read more...

Share This Post

About Lucy Chabot Reed

Lucy Chabot Reed is publisher and founding editor of The Triton.

View all posts by Lucy Chabot Reed →

Leave a comment

Your email address will not be published. Required fields are marked *

Please answer the question below to leave a comment. * Time limit is exhausted. Please reload CAPTCHA.

Editor’s Picks

Triton Networking nets $1,500 for injured yachtie

Triton Networking nets $1,500 for injured yachtie

More than 200 captains, crew and industry people challenged the weather to attend Triton Networking last night with global marine travel …

Judge orders Equanimity owner to forfeit yacht to US

Judge orders Equanimity owner to forfeit yacht to US

Malayasian financier Low Taek Jho, also known as Jho Low, was ordered on Tuesday (May 15) to turn over his $250 million yacht, M/Y …

Grand Banks buys boatyard in Florida

Grand Banks buys boatyard in Florida

Singapore-based Grand Banks Yachts has recently bought Stuart Yard, in Stuart, Florida. The 12,000-square-foot facility, to be named …

Taking the Helm: New leaders must remember that change takes time

Taking the Helm: New leaders must remember that change takes time

Taking the Helm: by Paul Ferdais New leaders often come into their job with energy and ideas, eager to somehow make their mark. While …