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Subject: Re: [worldcruising] yacht incorporation
From: Bryan Genez (capella@XXX.XXX)
Date: Wed Sep 18 2002 - 18:04:08 EDT
jt_lotus wrote:
> Porported advantages:
> No sales tax at purchase.
In this part of the world, there is no "sales tax" at purchase. It's a "use
tax" which is assessed upon the value of the boat based upon its state of
principal usage. It matters not whether the boat is owned by an individual
or a corporation. Both pay the same amount. The rate is the same as sales
tax, so it's often called by that name.
For the ubiquitous Delaware corporations, our local Natural Resources Police
are quite observant. If you're in this state's waters long enough, you'll
get a bill...and probably a fine.
I can't speak for states other than Maryland, but I suspect most work the
same way. Don't rely upon the sales pitch of the company that sets up
corporations, talk to your local agency that collects taxes on boats. You
may get an entirely different picture.
-- Best,Bryan (KB3HMZ) "Capella" Valiant 40 #158 Annapolis, MD
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