Effective July 1, 2010, the maximum tax on the sale or use of a boat or vessel is $18,000. Purchases made on or after July 1, 2010, are subject to the maximum $18,000 tax. The $18,000 cap includes both the State Sales & Use Tax and any applicable discretionary sales surtax ("County Surtax"). This brings Florida's boat dealers and brokers into parity with their competitors in other states and nearby countries, where sales taxes on boats have been far lower.
The Boat Sales-Use Tax Cap limits the 6-percent Florida state sales tax on a boat purchase or the use tax for currently owned vessels to $18,000, helping Florida save marine industry jobs and, ultimately, increase sales tax revenue. Florida has been losing boat sales and service business and revenue to other states and countries that offered more favorable sales tax treatment. Passage of the cap is expected almost immediately to begin invigorating Florida's vital marine industry by helping to stimulate boat sales and encourage boat buyers and current owners to register, keep and use their watercraft in the state.
With the passage of this bill, it once again will become a popular place to purchase a vessel, especially for those contemplating purchases over $300,000. Consequently, Florida's important and vibrant marine industry faces a stronger and brighter future."
Founded in 1987, the Florida Yacht Brokers Association (FYBA) has grown to become one of the world's largest organizations of professionals engaged in the practice of selling and buying boats and yachts of all sizes and types. FYBA serves as a united voice for Florida boat brokers in the state's legislative and regulatory processes, as well as providing ongoing education for its members. FYBA is headquartered in Fort Lauderdale, Florida. For more information, visit www.fyba.org.
The Marine Industries Association of South Florida is a not-for-profit trade organization created to promote and protect the sound growth of the marine industry in south Florida for the benefit and education of its members, the community and the environment. The Association has 800 members in Broward, Miami-Dade and Palm Beach Counties and is the owner of the Fort Lauderdale International Boat Show. For more information, visit www.miasf.org.