BILL TO PUT SALES TAX CAP IN PLACE IN NEW JERSEY ADVANCES

Legislation advanced this week that would have put a sales tax cap on purchases of non-commercial boats. The bill is sponsored by Senator Jeff Van Drew that would provide a maximum limit of $20,000 in the amount of sales or use tax that can be collected on new sales. New Jersey has seen a decline in boats registered in the state and nearby states have put similar caps in place to make them more competitive than New Jersey has been.