New Jersey FAQs About New Partial Sales Tax Exemption for Boats

Friday, January 22nd, 2016

 
 
A sailboat.
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New Jersey
General

The New Jersey Division of Taxation published frequently asked questions about the new partial exemption for boats and other vessels.

Effective February 1, 2016, sales of new and used boats and vessels are subject to a reduced tax rate. Additionally, sales and use tax is capped at $20,000 for these purchases. The exemption also applies to leases and rentals of boats and vessels, as well as to both commercial and non-commercial boats and vessels. Accessories and motors affixed to the vessel when purchased are included in the sales price and therefore also eligible for the exemption.

http://www.state.nj.us/treasury/taxation/faq-boatvessels.shtml


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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