July 1, 2010: Approved Florida Boat Sales-Use Tax Cap comes into effect
Posted Date: 06/16/2010
With Florida offering some of the most sought after boating destinations and a vast array of top industry professionals, it is excellent news that people in the market for larger boats can now look within Florida to take the utmost advantage of the extensive wisdom and expertise the Sunshine State offers without being penalized or driving revenue away from one of the world's preferred boating communities.
Until now Florida has been unable to compete with other states who offered a more beneficial tax situation for the buyer and as a result Florida has been losing boat sales and much-needed business and revenue, which is paramount for the state's marine industry to thrive. As of July 1st, all that is set to change as the Boat Sales-Use Tax Cap limits the 6% Florida state sales tax on a boat purchase, or the use tax for a currently owned vessel, to $18,000. It goes without saying that this will instantly keep marine-related jobs and services in Florida and therefore be a tremendous boost to our state's economy and well-being.
According to the FYBA, "Passage of the cap is expected almost immediately to begin invigorating Florida's vital marine industry by helping to stimulate boat sales and encourage boat buyers and current owners to register, keep and use their watercraft in the state". Bob Saxon, FYBA Chief Executive Officer goes on to say, "Florida’s marine industry badly needed this legislation to pass. We want to thank all our members who heeded our calls to action and wrote their State Legislators urging them to support this important measure. Their efforts have paid off and demonstrates once again that an effective, consistent and well-coordinated grassroots effort can reap positive results.”