The Florida State Legislature passed the Boat Sales Tax Cap on April 30 as part of the larger Jobs for Florida Bill (CS/SB-1752). The bill now moves to Governor Charlie Crist for his approval.
According to Randi Myers, spokesperson for the Florida Yacht Brokers Association (FYBA), “Florida has been losing boat sales and service revenue to other states and countries who offer more favorable sales tax treatment. The Boat Sales Tax Cap limits the 6 percent Florida state sales tax on a boat purchase to $18,000, helping Florida to save marine industry jobs and, ultimately, increase sales tax revenue.” FYBA president Cromwell Littlejohn urged his members and marine industry professionals to support the bill.
Frank Herhold, executive director of the Marine Industries Association of South Florida said, “Florida, always a popular place to purchase a vessel, immediately becomes more attractive for those contemplating purchases over $300,000.”