Sponsored by:
Senator VIN GOPAL
District 11 (Monmouth)
SYNOPSIS
Eliminates $20,000 sales tax cap and 50 percent sales tax exemption for sales of boats.
CURRENT VERSION OF TEXT
As introduced.
An Act to eliminate the $20,000 sales tax cap and 50 percent sales tax exemption for sales of boats, repealing section 1 of P.L.2015, c.170.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2015, c.170 (C.54:32B-4.2) is repealed.
2. This act shall take effect immediately and apply to sales and uses on or after the 30th day following the date of enactment.
STATEMENT
This bill repeals the law that provides for a 50 percent sales tax exemption for the sale of boats and a $20,000 cap on sales tax liability for the sale of a boat. The exemption and cap have applied to sales of boats since February 1, 2016.