More Info »"/>

The Triton

Editor's Pick

Georgia refit tax cap passes, awaits governor’s signature

ADVERTISEMENT

By Dorie Cox

A bill to cap state sales taxes on yacht refits in Georgia passed the state’s General Assembly on Thursday. The bill was passed on the last day of the 2017 legislative session and awaits Gov. Nathan Deal’s signature.

If signed into law, the bill would cap state sales tax on parts and equipment during a refit worth $500,000. Florida legislators passed a similar measure two years ago, but its bill caps state sales tax on repairs worth $1 million. If Georgia’s proposed law passes, it would mean that refits half as large as those in Florida would benefit from a tax cap.

Thunderbolt Marine offers refit services in Savannah, Ga., and welcomes the bill, said Judy Salzman, project coordinator/administrator with the company.

“We are thrilled to have the opportunity to be truly competitive,” Salzman said. “Anything that brings work our way is beneficial for the whole industry. This allows the refit industry to know that there are options for people that don’t want to take their boat to South Florida.”

Colonial Group is the parent company of Savannah Yacht Center in Savannah. Ryan Chandler, the company’s vice president of business development, said the company hopes for a more level playing field with yards in Florida.

“We’re encouraged by Georgia legislature’s passage of HB 125,” Chandler said. “We’re optimistic that Gov. Deal will sign it into law to set into motion the creation of 800 jobs for the state. We believe that Savannah has tremendous potential to enter the refit market to make a big splash.”

Under Georgia’s House Bill 125, any parts, engines or equipment above $500,000 that a boat owner spends to repair, retrofit or maintain a boat, would be exempt from Georgia sales taxes. The current Georgia sales tax rate ranges from 7 to 8 percent, depending on the county.

A sunset provision was added for the bill to be automatically repealed in 2025 without further action.

Click to see details on HB 125 from the Georgia General Assembly.

Related Posts...
A scuba diver was killed by a yacht propeller Tuesday Read more...
The Australian marine industry has extraordinary potential — it just Read more...
Every summer, highly qualified experts with supercomputers try to predict Read more...
Michigan-based Sika Corp. now offers its Sikaflex-291i in 70 ml Read more...
Unmanned ghost ships cruising the high seas are the stuff Read more...

Share This Post

About Dorie Cox

Dorie Cox is editor of The Triton.

View all posts by Dorie Cox →

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

Scuba diver dies in accident at Old Port Cove Marina

Scuba diver dies in accident at Old Port Cove Marina

A scuba diver was killed by a yacht propeller Tuesday morning at Old Port Cove Marina in North Palm Beach, Fla. The diver was in the water …

From the Bridge: Captains prefer experienced owners

From the Bridge: Captains prefer experienced owners

From the Bridge: by Dorie Cox Some yacht owners are in it because of their love of boats. They have spent a lifetime on the water, …

Motoryachts Renaissance, BW and Blue Moon named best in Newport competitions

Motoryachts Renaissance, BW and Blue Moon named best in Newport competitions

Chef Ian Gabbe of the 116-foot M/Y Renaissance won top honors in the Best Charter Yacht Chef competition during the Newport Charter Yacht …

Triton networks with United Yacht Transport

Triton networks with United Yacht Transport

About 175 captains, crew and industry professionals joined The Triton to network with United Yacht Transport on the first day of summer in …