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New York State joined Maryland and Florida this week by enacting a sales tax cap on the sale of boats. The budget signed into law by New York Governor Andrew Cuomo exempts from the state’s sales tax the cost of any boat above $230,000. 

Since 2011, Florida buyers have paid a maximum of $18,000 in sales tax, regardless of the price of the boat, while Maryland’s $15,000 cap went into effect in 2013. 

Meanwhile, New Jersey legislators are considering  a bill that would set a $20,0000 sales tax cap. Proponents see the tax caps as a way to strengthen in-state sales of larger boats, encouraging buyers to purchase and outfit their boats in their states. 

A follow-up study in Florida found that tax revenues generated by the outfitting, maintenance and associated costs raised more than $13 million in sales taxes.

To read more, click here for an article from the Sun-Sentinel.