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State of Florida Tax Cap of $18,000 on Yachts Becomes Law

Tax Cap of $18,000 on Yachts Becomes Law

Effective July 1, 2010, the maximum tax on the sale or use of a yacht by any person, partnership or company is $18,000. The value of the trade-in yacht is deducted from the sales price of the purchased yacht. Tax is then applied to the net sales price (purchased yacht price minus the trade-in value), and effective July 1, 2010, the maximum amount of tax due is $18,000. A yacht purchased outside of Florida and imported into Florida on or after July 1, 2010, will be subject to the maximum use tax of $18,000, if use tax is applicable.

Hatteras 77 enclosed bridge sport-fisherman
New 77 Hatteras Sportfish

Here at Ocean Yachting International we are very pleased to see the state of Florida make this positive step toward being more competitive in the large yacht market. We expect this measure will stimulate both foreign and domestic buyers in the large yacht maket place. This sales and use tax cap will allow US and foreign owned yachts remain in Florida for extended periods of time rather than leave the state to avoid higher taxes.

Please contact us for more information and how this effects your large yacht purchase here in Florida and other related matters.

Regards,
Michael Streeter.

If I can be of assistance, please give call me at +1-954-684-7897 or e-mail me at MJ@OYIglobal.com.

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BROKER   CONTACT   INFORMATION
Ocean Yachting International
 Yacht and Ship Brokers
The Bank of America Building
901 S.E. 17th. Street, Suite 210
Fort Lauderdale, Florida 33316 U.S.A.
Email Mike@SharpeYachts.com
Mobile + (1) 954-600-8338
+ (1) 954-993-8338

 

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