Ahoy, Jeff City! Days may be numbered for yacht owners' tax exemptions.
OK, what's more surprising about this scoop
from the Kansas City Star
? A) that Missouri is home to some 16,000 yachts
, or, B) that none of 'em are subject to state sales taxes.
reports that as Jeff City legislators look to shore up a fast-draining state budget, they're thinking of putting the squeeze on big-boat owners.
As of now, yachts are only subject to a small fee proportionate to sale price upon purchase, while every Dick and Jane with a whaler or ski boat must fork over the full state sales tax.
The 24-year-old policy now has some state legislators rethinking the exemptions for boats with names
like: "Asset Allocation," "Deductionis Absurda," "Size Does Matter," "Special Interest" and "Tax Seaduction."
And as the Star
reports in a follow-up
today, lawmakers have introduced three bills in the Missouri House of Representatives
which would rescind the exemptions, levy sales taxes on yachts and send those funds to programs for kids, veterans and domestic violence victims.