Boatbuilders to benefit from tax change
A sales tax change expected to boost the state's boatbuilding industry went into effect this week.
As of Aug. 1, the sales tax on boats bought by nonresidents who keep them in the state for 30 days or more has dropped from 5% to 2%, according to the Bangor Daily News. Sales tax is not levied on nonresident boats that stay in Maine for fewer than 30 days. Cutting the taxes on new boat sales in Maine could help the state's boatbuilding industry grow, Gov. John Baldacci told the paper. He signed the law in the spring.
Cuyler Morris, head of Morris Yachts in Trenton, told the paper he expected the company to benefit from the new tax structure, and that it would help Maine compete for boat sales with other states. "We need that as a tool to keep people here," he said. Maine's boatbuilding industry supports 5,000 jobs and has annual sales of more than $650 million, the paper reported.
Go to the article from the Bangor Daily News >>
Most Recent
Most Recent
Comments