House lawmakers propose elimination of yacht tax subsidy
WASHINGTON — House Democrats introduced legislation Tuesday that would eliminate a tax subsidy for yacht owners.
Reps. Mike Quigley (D-Ill.), Tim Walz (D-Minn.) and Gary Peters (D-Mich.) offered the bill.
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen also qualify. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence, according to the lawmakers.
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