TRENTON – Senator Jim Whelan issued the following statement following the Assembly’s approval of legislation he sponsored (S-2784) that would promote economic activity in the state’s shore regions and protect area businesses by imposing a limit to the state sales and use tax on non-commercial boats:
“New Jersey has seen a significant decrease in registered boats purchased and docked in the state, along with the downward spiral of corresponding revenue as a result of more competitive tax systems in other states over past years.
“I am pleased today that the Assembly has advanced efforts to restore what has been lost in our state’s boating and boat manufacturing industry, bringing us one step closer to making this a reality.
“Residents and businesses will soon find it financially more feasible to buy and dock their boats in New Jersey with the same competitive advantages as consumers in other states. The cap of $20,000 on the amount of sales or use tax that can be imposed and collected on new sales and uses of non-commercial boats or vessels, and the additional 50 percent reduction in the sales and use tax on all boats and other vessels sold in New Jersey will reignite our state’s boating industry.
“It’s time we take back this business to our great state.”
The bill, amended with Governor Christie’s recommendations, now heads back to the Governor’s desk.