PropTalk distribution guru Lucy Iliff spotted this excellent article by Gary Jobson in the Baltimore Sun about Maryland's boat excise tax:
The General Assembly has an opportunity this year to give a big boost to Maryland's struggling marine industry while also generating additional tax revenues for the fund responsible for upkeep and improvements to the region's waterways. It's time us to place a cap on the state's boat excise tax.
Over the past few years, Maryland has fallen behind our competitor states up and down the East Coast when it comes to how much of a boat's value should be subject to an excise tax. Neither Delaware nor Rhode Island has a tax. Virginia has long had a cap, limiting boat owners to paying no more than $2,000 in an excise tax, and Florida passed a cap three years ago.
Not surprisingly, Marylanders who own bigger and more expensive boats are increasingly choosing to register them in other states. Even as the nation's boat sales industry has begun to rebound, Maryland is not seeing the increase in registration of larger recreational boats that is being experienced in many other Atlantic Coast states.
Click here to read the full article.
Friday, March 8, 2013 - 11:07
PropTalk distribution guru Lucy Iliff spotted this excellent article by Gary Jobson in the Baltimore Sun about Maryland's boat excise tax:
The General Assembly has an opportunity this year to give a big boost to Maryland's struggling marine industry while also generating additional tax revenues for the fund responsible for upkeep and improvements to the region's waterways. It's time us to place a cap on the state's boat excise tax.
Over the past few years, Maryland has fallen behind our competitor states up and down the East Coast when it comes to how much of a boat's value should be subject to an excise tax. Neither Delaware nor Rhode Island has a tax. Virginia has long had a cap, limiting boat owners to paying no more than $2,000 in an excise tax, and Florida passed a cap three years ago.
Not surprisingly, Marylanders who own bigger and more expensive boats are increasingly choosing to register them in other states. Even as the nation's boat sales industry has begun to rebound, Maryland is not seeing the increase in registration of larger recreational boats that is being experienced in many other Atlantic Coast states.
Click here to read the full article.