Connecticut cuts boat sales tax

May 24th, 2018 / By: / Industry News, News

A cut in Connecticut’s sales tax on marine vessels from 6.35 percent to 2.99 percent is set for July 1 in an effort to provide a much-needed boost to Connecticut’s boating industry. Democratic Gov. Dannel P. Malloy signed a revised state budget that reduces the state sales tax on vessels, vessel motors and trailers used for transporting boats. Connecticut will join neighboring states like Rhode Island, New York and New Jersey that have already cut taxes on boats.

Connecticut boat sales dropped by 9 percent, from 2016 to 2017, according to the marine trades association. There were 1,125 new boats sold in Connecticut in 2017. Ten years ago, that number was 3,021. Meanwhile, boat registrations in Connecticut dropped by 2,300 this past year. The Connecticut tax cut was approved unanimously by the state’s House and Senate.

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