State slashes boat tax in half

Posted: Updated:
NORWALK -

The new state budget has slashed Connecticut's boat tax in half, benefiting buyers, sellers and people who make a living working on boats alike.

If Gov. Dannel Malloy signs the new budget, the boat tax will drop from 6.35 percent to just under 3 percent.

Experts say due to the cost of the old boat tax, people were buying in Rhode Island or New York to save money.

"They're either going to pay $30,000 to the state of Connecticut or $18,000 to the state of New York," says Diana McCabe, of Petzold's Marine Center. "That's a lot of money."

The tax cut could cost the state about $5 million in its first year, but experts say added sales and usage will make up for the loss.

  • Connecticut ConsumerConsumerMore>>

  • Business Briefs: Google, Facebook, Disney World

    Business Briefs: Google, Facebook, Disney World

    Tuesday, September 25 2018 2:52 PM EDT2018-09-25 18:52:00 GMT
    Business Briefs: Google, Facebook, Disney WorldBusiness Briefs: Google, Facebook, Disney World

    Google's CEO is heading to Washington after all. Sundar Pichai has agreed to a congressional hearing later this year. 

    Google's CEO is heading to Washington after all. Sundar Pichai has agreed to a congressional hearing later this year. 

  • Business Briefs: Instagram, Alaska Airlines, 'Game of Thrones'

    Business Briefs: Instagram, Alaska Airlines, 'Game of Thrones'

    Tuesday, September 25 2018 8:57 AM EDT2018-09-25 12:57:45 GMT
    The two co-founders of Instagram have resigned. Alaska Airline fliers could soon get the full VR experience. "Game of Thrones" fans will be able to experience the show for years to come.The two co-founders of Instagram have resigned. Alaska Airline fliers could soon get the full VR experience. "Game of Thrones" fans will be able to experience the show for years to come.
    The two co-founders of Instagram have resigned. Alaska Airline fliers could soon get the full VR experience. "Game of Thrones" fans will be able to experience the show for years to come.The two co-founders of Instagram have resigned. Alaska Airline fliers could soon get the full VR experience. "Game of Thrones" fans will be able to experience the show for years to come.

    The two co-founders of Instagram have resigned. Alaska Airline fliers could soon get the full VR experience. "Game of Thrones" fans will be able to experience the show for years to come.

    The two co-founders of Instagram have resigned. Alaska Airline fliers could soon get the full VR experience. "Game of Thrones" fans will be able to experience the show for years to come.

  • Business Briefs: Weight Watchers, Michael Kors, Pandora

    Business Briefs: Weight Watchers, Michael Kors, Pandora

    Monday, September 24 2018 7:36 PM EDT2018-09-24 23:36:13 GMT

    Weight Watchers will now be known as WW in an effort to expand its brand to overall health and wellness.

    Weight Watchers will now be known as WW in an effort to expand its brand to overall health and wellness.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."