New Jersey senators agreed on Sept. 24 to cut the state’s 7 percent sales tax in half on boat purchases, capping the tax break at $20,000.
Earlier this summer, lawmakers supported a tax cap of $20,000, so that buyers of boat over about $286,000 wouldn’t pay any more tax. But Gov. Chris Christie vetoed it, saying he wanted buyers of smaller boats to benefit from the tax break, too. He supported a 3.5 percent tax rate until the $20,000 cap is reached.
The proposal still must be passed by the New Jersey Assembly and approved by Christie.