Fiocchi Praises Governor for Expanding Tax Relief for Boat-Buyers

Fiocchi Praises Governor for Expanding Tax Relief for Boat-Buyers

 

Governor’s conditional veto mirrors Fiocchi’s blocked floor amendment

 

VINELAND, N.J.Assembly Republican Sam Fiocchi applauded Governor Christie’s conditional veto of a Democrat bill carving out a tax break for wealthy purchasers of high-end boats and yachts. S-2784/A-3856 limited the sales tax on the sale of a vessel to $20,000 of the purchase price. The veto extends the tax break to all boats sales in New Jersey, with a 50 percent tax cut.

 

“This bill just didn’t go far enough. The Governor did exactly what I tried to do on the floor of the Assembly,” said Fiocchi, R – Cumberland, Cape May and Atlantic. “Governor Christie used much of the language I fought to have added into the bill. Now, instead of this being a tax break for a small segment of the market, we can have a real tax break that will boost boat sales and help New Jersey’s boat-related industries.”

 

In the General Assembly on June 25, Fiocchi proposed an amendment to the bill sponsored by District 1 Democrat Assemblyman Bob Andrzejczak. Democrats blocked the expansion of the bill’s benefits, tabling the motion with a 44-29 vote along party lines.

 

“Boating is a critical industry to coastal New Jersey,” said Fiocchi. “I’m optimistic my colleagues will support the conditional veto and pass this legislation providing badly needed tax relief and job growth in an industry that has struggled to recover.”


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