CONNECTICUT – Boat sales booming thanks to reduced state sales tax

The Connecticut Marine Trades Association says Connecticut boat sales are booming, thanks to last year’s lowering of the state sales tax rate on luxury boats.

Some boat dealerships have seen a 25 percent spike since January, and it doesn’t look like the wave of business is slowing down.

“July 1 of 2018 is when it went into effect and we had an immediate increase of flow walking through the door,” said Chris Landry, the sales manager at Westbrook Marine Center.

He sold a luxury boat this year for $500,000, and says the driving force is the lowered state sales tax, which has gone down from 6.35 percent to 2.99 percent.

It’s resulted in a 25 percent increase at that dealership alone so far this year.

For example, if you spent $50,000 for a 20-foot boat motor and trailer last year, the tax would have cost $3,175. At 2.99 percent, it now costs $1,495 for the same purchase, which is a 65 percent drop in tax.

For the Full Story: Eyewitness News

AUGUST 27, 2019