Conn. budget deal includes luxury tax
HARTFORD, Conn. — Connecticut Gov. Dannel P. Malloy announced a budget deal Wednesday that does not tax private boats and aircraft as personal property but does include a luxury tax on on yachts selling for more than $100,000.
The sales tax will be 7 percent on the entire purchase price of those luxury items, so a boat selling for $100,000 would cost $107,000 after taxes.
The deal would also increase the existing state sales tax from 6% to 6.35%.
Other proposed changes, including eliminating the existing sales tax exemption for the value of a trade-in boat and imposing new sales taxes on marine services including repairs and winter storage, were not included in the deal.
The budget still needs to be approved by the budget and tax committees, as well as by the full House and Senate, before it can be signed by the governor.
You can read more on the budget deal here: Malloy, Legislative Leaders Reach Budget Deal.
BoatUS is still encouraging Connecticut boaters to share their opinions on these changes with legislators, which they can do at BoatUS.com/gov/ctaction.
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