All's Well
Well-Known Member
As many of you know or have read, Texas recently passed a sales tax cap on boat purchases limiting the tax at $18,750 for boats up to 115 feet or $3M.
Well, as it turns out this cap ONLY applies to boats that you buy in Texas.
If you read the bill (HB 4032), there isn't anything that states that the cap only applies to boats sold in Texas and Texas Parks and Wildlife will charge the full 6.25% to register your boat in Texas if it was not sold in Texas waters.
If you're buying a boat from out of state you will be charged a use tax for Texas which would be offset by any sales tax that you paid in another state.
Well, as it turns out this cap ONLY applies to boats that you buy in Texas.
If you read the bill (HB 4032), there isn't anything that states that the cap only applies to boats sold in Texas and Texas Parks and Wildlife will charge the full 6.25% to register your boat in Texas if it was not sold in Texas waters.
If you're buying a boat from out of state you will be charged a use tax for Texas which would be offset by any sales tax that you paid in another state.