80 foot motor yacht Alchemist. Photo: D Ramey Logan | WPPilot via wikipedia (CC 4.0)

 

It just got a little cheaper to buy a boat in New Jersey.

NJ Governor Chris Christie has passed a bill that cuts sales tax on boat purchases by a whopping 50%, as reported by the New Jersey Advance.

 

Sailboat. Photo by Hilarmont via wikipedia (CC 4.0)

 

New Jersey Advance: The new law includes a 50 percent tax reduction on all boats and other vessels sold in the state, and caps the sales tax amount at $20,000, which applies to yachts sold for more than $571,000.

“Reducing the sales tax amount on non-commercial boats will provide a much-needed boost to the industry that we expect will have a real, lasting impact for years to come,” said Sen. Jeff Van Drew (D-Cape May), a sponsor of the bill.

Read more from New Jersey Advance here…

 

posted by Mai Armstrong for the Working Harbor Committee

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