Assemblyman Sam Fiocchi’s amendment to include the middle class in a Democrat sponsored tax break on luxury yachts was approved by the Senate. It converts a $20,000 cap on state sales taxes paid on high-end boats into an across-the-board 50 percent sales tax cut on all boats.
“Now the middle class will receive the same tax cut to purchase a family fishing boat as those who purchase more expensive ones,” said Fiocchi, R-Cumberland, Cape May and Atlantic. “The original bill wasn’t fair to the middle-class and didn’t go far enough to boost New Jersey’s boat industry.”
During the Assembly voting session on June 25, Fiocchi proposed a floor amendment expanding the bill to include all boats and vessels. Democrats blocked it by tabling his motion with a 44-29 party line vote. Gov. Christie conditionally vetoed the bill on Aug. 12 instead suggesting language offered by Fiocchi.
The bill’s original sponsor, Democrat Sen. Jeff Van Drew, supported the Fiocchi language which was adopted today.
“Our marine industry was hit hard by the recession and Superstorm Sandy,” said Fiocchi. “A broad tax break on boat sales is something that could generate economic growth in South Jersey and gives us a better chance to compete for customers with neighboring states. I hope my colleagues in the Assembly will finally give this middle-class focused version its full consideration and support.”
The overall bill (S-2784) will again need to go before the full Senate for a final vote before returning to the state Assembly for final approval.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
