The way it is now in New Jersey, the purchase of a yacht amounting to $1 million or more sees at least $70,000 going to the tax man. Governor Chris Christie is looking to cut that 7% tax in half.
Christie was quick to emphasize middle-class savings but it’s the buyers of super yachts along the Jersey Shore coastline that would make out the best. With the proposed measure, no yacht buyer would pay more than $20,000 in tax, no matter the price of the boat.
Aiding the Road to Recovery
The proposal is expected to get Senate approval this month and is backed by boating groups throughout the Jersey Shore. The proposed measure is in support of continued efforts to recover from the devastation caused by Hurricane Sandy, the powerful super storm that…