Sen. Rockefeller targets boat interest deduction
WASHINGTON — As part of a set of 18 specific proposals to shave $1.29 trillion from the deficit over 10 years, Sen. Jay Rockefeller recently proposed eliminating the deduction for interest paid on the purchase of a boat that is used as a second home.
A group of House Democrats including Reps. Mike Quigley (D-Ill.), Tim Walz (D-Minn.) and Gary Peters (D-Mich.) called for its elimination in May.
In response, the National Marine Manufacturers Association has issued an action alert to its members, asking them to contact their senators and oppose the plan. The group provided a form letter that reads in part:
“It has come to my attention that one of the ideas that Sen. Rockefeller and others have proposed as a way to address this country’s budget deficit involves removing the deduction for interest paid on the purchase of a boat that is used as a second home. Let me say first of all that we need to address the budget deficit in a serious fashion, and all of us should contribute to this effort. Targeting boats, or what some refer to as “yachts,” however, is simply a bad idea.”
The NMMA notes that the boats in question can be relatively small — starting at 26 feet — and that land-sited dwellings and RVs qualify for an interest deduction.
Click here to see Sen. Jay Rockefeller’s release.
Click here for the NMMA’s government relations page.
- 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.
