The Triton

News

Georgia may pull tax cap on yacht refits

ADVERTISEMENT

An article on the Atlanta Journal-Constitution newspaper’s website yesterday reports that Georgia state legislators are considering cancelling the sales tax cap it put on yacht refits as a way of returning some money to state coffers.

Georgia senators are reviewing about 40 special-interest tax breaks lawmakers have passed over the years, the newspaper reported.

In 2017, Georgia state legislators passed a bill to cap state sales tax on parts and equipment during a refit worth $500,000. Georgia sales tax rate ranges from 7 to 8 percent, depending upon the county. The move was seen to benefit shipyards there, including Thunderbolt Marine and the then-burgeoning Savannah Yacht Center.

Florida legislators passed their own yachting tax cap in 2015, but the cap didn’t kick in until repairs or refits reached $1 million. Yards in Florida were concerned at the time that Georgia’s lower cap might lure some of Florida’s refit business north. 

The proposal may be discussed in committee as early as tomorrow. The AJC report notes that, although Georgia’s legislature doesn’t reconvene until next spring, “lawmakers can vote to eliminate tax breaks at any time.”

Related Articles

Med shipyards reopen under strict new measures

Med shipyards reopen under strict new measures

Superyacht refit and repair company MB92 Group announced this morning that it has re-started activity at both of its shipyards in Barcelona and La Ciotat, France. Operations, which resumed …

Yachts Lohengrin, Reflection destroyed by fire in Fort Lauderdale

Yachts Lohengrin, Reflection destroyed by fire in Fort Lauderdale

UPDATE: Nov. 19, 9:22 am By Dorie Cox Fort Lauderdale Fire Rescue trucks headed toward smoke and flames on Marina Mile in Fort Lauderdale just after calls came in at 4:43 a.m. to find two …

One captain’s mission to ‘bullet proof’ his A/C system

One captain’s mission to ‘bullet proof’ his A/C system

After more than 30 years playing with, working on and running boats in several sectors of the maritime industry, one thing about yachting made Capt. Herb Magney nuts: how the air conditioning only …

Engineer’s Angle: Rapport in repair relies on client-tech respect

Engineer’s Angle: Rapport in repair relies on client-tech respect

Engineer's Angle: By JD Anson Hiring and dealing with contractors can be a nightmare, or a dream. After spending significant time on both sides of the rub rail, this axiom has proven true for …

From the Bridge: Captains want, use estimates to vet, find vendors

From the Bridge: Captains want, use estimates to vet, find vendors

From the Bridge: by Lucy Chabot Reed Planning for a shipyard visit and refit project often starts months in advance with a little piece of paper called an estimate, the initial interaction with a …

Yacht captains and crew keep the industry afloat

Yacht captains and crew keep the industry afloat

Editor's Notebook: by Dorie Cox At first glance, most of what the world sees of yachting is an impressive large boat. But inside and on deck are the yacht crew who are integral in keeping these …

Comments