Attack on Boat Loan Interest Tax Deduction

Everyday in the news we hear and read of  the local, state and federal government budget woes. Without trying to get too political and without taking any sides, the facts are that deficits are out of wack, spending remains out of control and no one has been paying attention for many many years. Whether it be public or private organizations or governments, you don’t just wake up one day and say, gee we have 5,000 too many employees, or some other equally important “ah ha moment.”

Well now, once again, one of the solutions could affect boat owners. This trial balloon fix has been floated before but here it comes again.

Sen. Jay Rockefeller (D-West Virginia) has proposed eliminating the ’second home’ tax deduction for boat loan interest payments, in a  recent announcement he seeks 18 different measures to reduce the federal budget deficit. Currently, the second home designation allows tax deductions on interest paid on the purchase of a boat with a head, a galley and sleeping accommodations.

 
 
Deduction Threatened — The popular tax deduction that allows boat buyers to deduct loan interest on qualifying pleasureboats with a head, a galley and sleeping accommodations could be eliminated under a proposal supported by several U.S. senators.
 

The National Marine Manufacturers Association is asking its members — and all boaters — to let U.S. senators know they oppose any effort to single out boaters and the boating industry in the deficit reduction effort.

’Things are moving rapidly, and it would be helpful if boaters would contact their two United States senators as soon as possible, and let them know of your position on this issue,’ the NMMA said in a statement. Here’s a link to a sample letter, ready to email to senators:

(CLICK HERE)

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Filed under Boat Operation, Boating News, Boating Safety, Fishing News, Lake Boating, Sailing News, The Boating Environment

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