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1997 SESSION

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HB 2482 Motorboat tax.

Introduced by: J. Paul Councill, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Watercraft sales and use tax. Expands the definition of watercraft to include any vessel propelled by machinery. Currently, motorboats are defined as watercraft only if they are 15 feet or longer and powered by a motor in excess of 25 horsepower. Motorboats will be taxed at the watercraft sales and use tax rate of two percent, with a cap of $2,000. Currently, sales of vessels not defined as watercraft are taxed at 4.5 percent. Fifty percent of the revenue generated from the watercraft sales and use tax will be deposited in the game protection fund; 75 percent of the revenue will be paid into such fund in fiscal year 1999; and 100 percent of the revenue will be paid into such fund in fiscal year 2000 and thereafter. Beginning January 1, 1998, such funds will be used only for boating-related activities and expenses. The bill also requires the owners of motorboats that previously did not have to be titled to obtain a certificate of title at the time of the renewal of their boat's registration.


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