Some notes from Steve Buckley:
Palm Beach Boat Show Opens Thursday
$18,000 Cap of Florida Sales Tax on Yachts!!! It is True!!!
FLORIDA, February 20, 2011 -- As the economy begins to recover, yacht brokers at the Yacht & Brokerage show yesterday said they’ve gotten quite a boost from the cap on state sales tax that Florida legislators approved last summer.
Capping sales tax on yachts to $18,000 – what is due on a yacht sold for $300,000 – is being credited with helping push the yacht sales industry along, and it might have a few more consequences lawmakers didn’t consider.
“We had seven boats just in December that took advantage of the tax cap, and that’s what made the difference,” said Raymond Young, a yacht broker with Robert J. Cury & Associates.
Existing yacht owners who pay the tax, regardless of flag, can keep their yachts in Florida year-round without penalty. But some, it seems, are taking advantage of the cap to reflag their yachts to the U.S.
“Utilizing the tax cap makes American buyers more comfortable,” Young said. “It’s easy in and out of ports because of the flag, and we should see an influx of American crew.
A U.S. flag requires U.S. crew.
“U.S. captains used to be a valuable commodity but now there are many out of work,” said Brad Nelson, a broker with Atlantic Yacht and Ship. “That will change.”
“I went from a 147-foot to a 125-foot yacht,” said Dan Dagesse, a yacht owner and client of RJC. “With the tax cap, it was a no-brainer to buy and move from a foreign flag.”
Anecdotal evidence from around South Florida shows more and more yacht owners reflagging existing yachts to the U.S. because of the cap. But because the state of Florida doesn’t distinguish one type of tax from another, it’s difficult to determine how much money has been collected so far.
"We help guide buyers when they are trying to flag their vessels and most do prefer the U.S. flag,” said Philip Bartholomew of Seacoast Marine Finance. "I just closed on a 100-foot yacht and the owner said, ‘I want an American flag on this."
Bartholomew said that since the cap passed in July, he’s “probably closed on five yachts that would have gone offshore.”
“But, remember, there is still a benefit for foreign flags for certain buyers,” he said. “It is vital that the owner thinks about how he will use his boat.”
When asked if the cap is helping him sell yachts, broker Brian Hermann of Ardell Yacht and Ship said, “Absolutely. It’s more comfortable now for American buyers. As part of the tax cap, with flagging the yacht in the U.S., it’s easier to move the yacht in and out of U.S. ports. It also keeps money here and is a savings to the owner.”
Americans aren't the only buyers taking advantage of the tax cap.
“I'm putting a deal together now that is in the $800,000 range and the fellow is so interested in having a U.S.-flagged boat he's willing to pay,” said Andrew Bergh, a broker with Atlantic Yacht and Ship. “He's not from the U.S. but he feels like his boating will be better with a U.S. flag, not having to be stopped by Coast Guard and things like that. It's just easier.
“To heck with the expense of maintaining an offshore situation: having to go off each year, go out, come back in, get the cruising permit again. It's just too much,” he said. "They're willing to pay. Just pay the tax and you’re done with it completely.”
Kevin Merrigan, a broker and president at Northrop and Johnson, said some closings last summer were postponed while the cap was debated and voted on. When it passed, they closed.
“Customers are more comfortable leaving their yachts in Florida,” he said. “It’s a win-win, as they will also spend money here.”
“I want to applaud FYBA [the Florida Yacht Brokers Association] and state government for being progressive to implement the tax cap,” said broker Curtis Stokes of Curtis Stokes & Associates. “We are seeing renewed interest in Florida from yachts not flagged here.”
Lucy Chabot Reed, Dorie Cox, Tom Serio and Jordan Sullivan contributed to this report
Nenhum comentário:
Postar um comentário