Texas bill would cap yacht taxes
AUSTIN, Texas — Texas State Rep. John Davis (R-Houston) recently proposed a bill that would would limit the amount of boat tax to $15,625 — the amount normally due on a $250,000 vessel — regardless of sales price.
He said the change would allow Texas to remain competitive with Florida, which has limited sales taxes on yachts to $18,000.
Fiscal analysis on the bill said it would cost Texas $1.4 million annually in lost tax revenue, but supporters including yacht brokers note the figure doesn’t take into account the ripple effect of Texas losing yachts.
Opponents of the bill criticize it for offering yacht owners a tax break during a time of heavy cuts to state programs.
Click here for the complete report from the San Antonio Express-News: Tax break on yachts cast as helping economy
- Can’t get enough boating news? Subscribe to our blog’s RSS feed, follow us on Twitter or look for “Boating Industry” on Facebook and LinkedIn.
- For more of the latest news, click here.
