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. New Jersey committee passes boat sales tax cap
Another state is looking to cap the sales tax on boat sales.
A New Jersey Senate Committee voted last week to cap the state’s 7 percent sales tax on boats at $20,000, or boats worth more than $286,000.
Bill sponsor state Sen. Jeff Van Drew said the cap would make New Jersey more competitive with neighboring states that offer lower taxes.
2. NMMA: U.S. outboards shipments up in May
U.S. outboard engine wholesale shipments were up 5.4 percent (R12M YOY) in May for the National Marine Manufacturer’s control group of manufacturers representing 95 percent of the market. Total retail sales, based on warranty card registrations, were up 9.5 percent, NMMA reported.
3. Florida cuts taxes on boat repairs
As part of large package of tax cuts in the state, Florida legislators voted Monday to cut taxes on boat repairs.
Sen. Jack Latvala, R-Clearwater, told the Tampa Bay times that cutting those taxes, would ensure those repairs will be done in Florida, versus someone shipping their boat to another state for the repairs.
"It's not about saving millionaires money, it's about getting jobs for people who aren't millionaires," he said. "It's about building up an industry in Florida to do that kind of work."
4. New York boating market on the rebound
New York’s boating market is recovering from the double whammy of the recession and Hurricane Sandy, the New York Post reported.
Many local dealers are reporting increased sales, especially with the help of a recent sales tax cut there, the paper said.
5. 12 social media marketing trends for small business
Social Media Examiner’s seventh annual Social Media Marketing Industry Report reveals 12 social media trends for small businesses.