TRENTON, N.J. (AP) — Gov. Chris Christie’s proposal to lower the state’s sales tax on the purchase of yachts and other boats could be moving forward as soon as next month.
Christie put forward the idea of cutting the 7 percent tax on boat in half in a conditional veto last week of legislation that would have capped the sales tax at $20,000.
Now Democratic state senator and bill sponsor Jeff Van Drew says he expects Christie’s revisions to be considered by lawmakers as soon as September.
Lawmakers say they proposed the legislation because marinas and boat retailers along the state’s coast were suffering because of Superstorm Sandy and competition from other states with lower taxes.
Legislative estimates show the bill that went to Christie would affect roughly 70 to 140 luxury vessels but the revisions would cover even the most modest boats.