Buh Bye Luxury Tax, Buh Bye

boat luxury taxI got an email this week from the Connecticut Marine Trades Association announcing that, among other major wins for the state’s boating industry, the Connecticut luxury tax has been repealed on boats.

According to the email, the luxury tax in the state has been eliminated on boats costing more than $100,000. The law repealing the luxury tax goes into effect on July 1, 2013, so if you’re about to purchase yourself a boat this week, hold your horses for a few more days and you might save yourself the equivalent of a few tanks of fuel.

Looks like the law was signed into effect by Governor Malloy on June 19th, so if you purchased a boat after that date for over $100k and the person who sold you the boat didn’t encourage you to wait a couple of weeks for the tax break, that dealer’s got some ‘splainin’ to do.

In any event, this is good news for boat buyers who are finally getting the confidence up to purchase a boat after a long recession, as well as for folks looking to replace boats destroyed by Hurricane Sandy last fall.