Essential Equipment: A Well-Informed Captain
Boat Show Seminar on Avoiding Tax Traps
Florida’s $18,000 cap on sales tax for yacht purchases was a boon to buyers and the South Florida marine industry, but there were unintended consequences. The cap made yachts hailing from Florida targets in the eyes of state tax authorities elsewhere on the East Coast.
To educate the yachting community about this insidious threat to the enjoyment of their vessels, Yachts International is sponsoring a tax seminars by veteran maritime attorney Todd Lochner during the Fort Lauderdale International Boat Show.
Under the heading “Boat Show Briefing,” owners and buyers are invited to attend “Staying Two Steps Ahead of the Taxman” at 1 p.m. on Friday, Nov. 6. The taxation seminar is designed for any owner with a yacht registered in a low-tax state that wishes to cruise the East Coast.
“Failure to heed tax laws, which are complicated and vary from state to state, can cost yacht owners hundreds of thousands of dollars and sloppy employment practices can result in expensive litigation,” Lochner says.
Lochner is not an ordinary lawyer. He’s a yachtsman himself and his specialty is maritime law in all its facets. It goes without saying that yacht owners have their own lawyers, but as Lochner points out, few are attuned to the nuances of maritime taxation and labor laws. “I am frequently called in to try to undo the harm that owners have suffered by heeding advice from lawyer friends or corporate counsel,” Lochner says.