Supporters say law that goes into effect July 1 will make state more competitive Legislation recently signed into law by Gov. Charlie Crist is expected to result in smoother sailing for Florida yacht sellers, builders and buyers. The Jobs for Florida Bill that will become law July 1 includes a cap on sales tax for boats sold in Florida to be set at $ 18,000. The change would affect sales of boats sold at greater than $ 300,000. Officials with the state’s $13.6 billion marine industry said the bill’s approval will boost the state’s competitive edge, bringing it more in line with other states and countries. Recent studies have shown at 63.4 percent of boats sold by Florida brokers did not close the sale in state, or register the boat in Florida and therefore did not pay state sales tax. A high sales tax has long been cited as one reason for Florida’s waning appeal with yacht owners, many of whom have been lured away to nearby coastal states with lower or no sales tax. At Allied Marine yacht sales in Stuart, 100 percent of its new boat inventory exceeds the $300,000 price point. Allied sells new and used boats from 33 feet to superyachts measuring 225 feet and priced up to $100 million. The cap is designed to generate more incentive to buy in-state. “This is a tremendous opportunity for Florida,” said Jon Burkard, vice president of brokerage sales for Allied Marine. “The impact of this bill will hopefully get sales back on target and allow us to hire some people back into our business. It could bring boating back to the size industry it was a few short years ago.” Dominic LaCombe, president of American Custom Yachts in Stuart, one of many builders of custom sporfishing boats on the Treasure Coast, said the change could help sales of new builds. But another provision in the bill places the same $18,000 cap on a use tax, which also could help boatyards like American Custom Yachts. “It benefits us in two ways,” LaCombe said. “We build boats priced from $1.5 to $12 million. But we have served customers who have more than $1 million in service work completed. Until now they have had to leave the state immediately after service was completed in order to avoid applying the sales tax. Sales tax cap could increase boat sales “It could bring boating back to the size industry it was a few short years ago.” >>> Reprinted with permission from Scripps Treasure Coast Newspapers. www.alliedmarine.com The Official Newsletter of Allied Marine Stuart. Summer 2010
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Supporters say law that goes into effect July 1 will make state more competitive
Legislation recently signed into law by Gov. Charlie Crist is expected to result in smoother sailing for Florida yacht sellers, builders and buyers. The Jobs for Florida Bill that will become law July 1 includes a cap on sales tax for boats sold in Florida to be set at $ 18,000. The change would affect sales of boats sold at greater than $ 300,000.
Officials with the state’s $13.6 billion marine industry said the bill’s approval will boost the state’s competitive edge, bringing it more in line with other states and countries. Recent studies have shown at 63.4 percent of boats sold by Florida brokers did not close the sale in state, or register the boat in Florida and therefore did not pay state sales tax. A high sales tax has long been cited as one reason for Florida’s waning appeal with yacht owners, many of whom have been lured away to nearby coastal states with lower or no sales tax.
At Allied Marine yacht sales in Stuart, 100 percent of its new boat inventory exceeds the $300,000 price point. Allied sells new and used boats from 33 feet to superyachts measuring 225 feet and priced up to $100 million. The cap is designed to generate more incentive to buy in-state. “This is a tremendous opportunity for Florida,” said Jon Burkard, vice president of brokerage sales for Allied Marine. “The impact of this bill will hopefully get sales back on target and allow us to hire some people back into our business. It could bring boating back to the size industry it was a few short years ago.”
Dominic LaCombe, president of American Custom Yachts in Stuart, one of many builders of custom sporfishing boats on the Treasure Coast, said the change could help sales of new builds. But another provision in the bill places the same $18,000 cap on a use tax, which also could help boatyards like American Custom Yachts. “It benefits us in two ways,” LaCombe said. “We build boats priced from $1.5 to $12 million. But we have served customers who have more than $1 million in service work completed. Until now they have had to leave the state immediately after service was completed in order to avoid applying the sales tax.
Sales tax cap could increase boat sales
“ It could bring
boating back
to the size
industry it
was a
few short
years ago.”
>>> Reprinted with permission from Scripps Treasure Coast Newspapers.
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