The BI Weekly 5 is a collection of tips, news and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every Tuesday on BoatingIndustry.com.
1. Chicago Mayoral candidate proposes boat luxury tax
Cook County Commissioner Jesus “Chuy” Garcia, who is running against Chicago mayor Rahm Emanuel in next week’s run-off election has proposed a luxury tax on boats as one of the ways he would increase city revenue.
So far, Garcia has not released details of the plan.
(Chicago boat dealer Lou Sandoval shares his thoughts on how the proposed tax would hurt the industry and the city in a guest blog.)
2. New Jersey, New York legislators propose capping boat sales tax
New Jersey Sens. Jeff Van Drew and Jim Whelan, both Democrats, have introduced a bill that would cap the sales tax on boats at $20,000.
And in New York, the state budget before the legislature would cap the taxable value of a boat at $230,000.
In both cases, legislators say they believe lowering the tax will help keep more vessels – and jobs – in the state, leading to additional revenue.
3. Lake Erie ice impacting boating
With about 70 percent of the lake still ice-covered, the boat season on Lake Erie will be getting a late start this year, local officials said.
4. 5 tips for small businesses during tax season
If you still haven’t wrapped up your taxes for the year, Forbes has some advice for small businesses to minimize their stress.
5. Six marketing metrics that need to die
Marketing Profs has six marketing metrics that once mattered but now aren’t worth measuring.
Top of the list? Facebook likes.