OK, Sen. John Kerry is tired of all the yacht tax questions.
Kerry announced this afternoon that he's paying all Massachusetts taxes due on his new $7 million yacht even though it's docked in Rhode Island, where he bought it and which doesn't collect sales tax on luxury vessels.
Rough calculations mean that Kerry will hand over to Bay State tax officials $437,500 in state use taxes, the companion to state sales taxes when an item is purchased in one jurisdiction but brought into another for regular use.
Massachusetts' senior U.S. Senator also will owe another $70,000 thanks to the state's annual excise tax on yachts.Related posts:
- If Mass. asks, Kerry will pay yacht tax
- Sen. John Kerry avoids "sails" tax
- Sales tax collection on online purchases
- Florida yacht tax breaks
- Illinois watercraft use tax
- State use taxes tend to be useless
- State Tax Tidbits
- State Tax Departments
- Don't forget your state taxes!
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