Gov. Christie Wants Less Tax on All Vessel Sales
- Aug 18, 2015 | Gail Cole
The road from maximum tax for some to less tax for all.
New Jersey Senate Bill 2784 sought to provide a maximum sales and use tax of $20,000 on purchases of boats and vessels. The measure passed both houses but was conditionally vetoed by Gov. Chris Christie on August 10, 2015.
In his conditional veto, the governor explained the following:
“This bill would only provide a tax cut to those individuals who are purchasing high-end boats and vessels that would have been subjected to a sales tax burden over $20,000. It provides no relief to other individuals, including middle-class citizens, who purchase smaller boats.”
The governor would like to see a tax-cut extended to all potential boat buyers, not just those able to afford the crème de la crème of vessels. To that end, he has proposed reducing sales and use tax by 50% “on all boats and other vessels sold in New Jersey.”
Grace period shortened
The original bill established a 90-day “grace period for imposition of use tax on certain boats and vessels used by resident purchasers.” Gov. Christie recommends lowering the grace period to 30 days.
Read the conditional veto for more specifics.
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