The federal government estimated that it would raise 9 billion in excess revenues over the following five-year period.

Yacht sales tax. Sales tax is imposed at the time of purchase or transfer. Maximum Tax The maximum tax on the sale of a boat or vessel is 18000. The buyer must pay sales tax to the seller and each seller must collect from the buyer the full amount of the tax.

Floridas 6 sales tax applies to all boats with a maximum tax of 18000 on the sale or use of any vessel. Boat Sales Tax Cap Passes Florida State Legislature Awaits Governor Crists Signature Founded in 1987 the Florida Yacht Brokers Association FYBA has grown to become one of the worlds largest organizations of professionals engaged in the practice of selling and buying boats and yachts of all sizes and types. Sales Tax Versus Use Tax for Boats Sales and use taxes on vessels are imposed at the state and local levels.

On a 500000 boat that equates to a significant tax of 38750. This includes both sales and use tax and discretionary sales surtax. Additionally certain Florida counties have a discretionary sales surtax.

The yacht costs 2995000 but thanks to the current luxury tax that kicks in at 100000 you have to fork over another 289500. That tax is in addition to any state and local taxes. This benefit is reduced for yachts priced over 2000000 a.

Congress enacted a 10 percent luxury surcharge tax on boats over 100000 cars over 30000 aircraft over 250000 and furs and jewelry over 10000. California sales and use tax in San Diego County effective April 1 2019 is 775. Depending on which county the boat is delivered to Discretionary Taxes come into play.

Some might be a little more and others a little less but Florida has a flat sales tax rate of 6. That will add up to a significant tax bill regardless of the purchase price and as such the yachting community has always looked for strategies to. If you are looking into a superyacht purchase the cap for sales tax in Florida is 1800000.