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Monday, March 1, 2010

Tax-Exempt Missouri Yacht Buyers Might Be Drowned by Bills

Posted By on Mon, Mar 1, 2010 at 2:00 PM

click to enlarge Ahoy, Jeff City! Days may be numbered for yacht owners' tax exemptions. - WIKIMEDIA COMMONS
  • Wikimedia Commons
  • Ahoy, Jeff City! Days may be numbered for yacht owners' tax exemptions.
OK, what's more surprising about this scoop from the Kansas City Star? A) that Missouri is home to some 16,000 yachts, or, B) that none of 'em are subject to state sales taxes.

The Star reports that as Jeff City legislators look to shore up a fast-draining state budget, they're thinking of putting the squeeze on big-boat owners.

As of now, yachts are only subject to a small fee proportionate to sale price upon purchase, while every Dick and Jane with a whaler or ski boat must fork over the full state sales tax.

The 24-year-old policy now has some state legislators rethinking the exemptions for boats with names like: "Asset Allocation," "Deductionis Absurda," "Size Does Matter," "Special Interest" and "Tax Seaduction."

And as the Star reports in a follow-up today, lawmakers have introduced three bills in the Missouri House of Representatives which would rescind the exemptions, levy sales taxes on yachts and send those funds to programs for kids, veterans and domestic violence victims.

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