NJ governor wants boat purchase tax break for smaller vessels, tooAug 18, 2015 by Guest Writer
New Jersey Gov. Chris Christie has conditionally vetoed a bill that would have capped sales tax on boat sails at $20,000, or applicable only on the first $286,000 of the purchase price. Under the veto, Gov. Christie wants buyers of less expensive boats to get a tax break, too, and said he would support a bill that applies a 3.5 percent sales tax until the $20,000 cap is reached.
The state’s sales tax is 7 percent. The bill — existing or rewritten — would apply to purchases and repair.
The governor also proposed shortening the grace period for the use tax exemption from 90 days to 30 days.
News reports from New Jersey indicate several key senators support the changes. It was unclear when the rewritten bill would be back on the governor’s desk.