TAX NEWS - JUNE 2010

Florida Tax: Governor signs Florida boat tax cap into law

02 June 2010 -- A Florida bill that limits sales-use tax on boat purchases has been signed into law.

Florida Gov. Charlie Crist signed the larger Jobs for Florida Bill, CS/SB-1752, on May 28, which contains the Florida Boats Sales-Use Tax Cap legislation.

The cap limits the 6 percent state sales tax on a boat purchase, or the use tax for currently owned vessels to $18,000, which lawmakers hope will help the state save marine industry jobs and ultimately increase sales tax revenue.

The law will take effect July 1, bringing the state's boat dealers and brokers level with competitors and nearby countries that have lower sales tax on vessels.