There's some good news to report for a change for both boat shoppers and people wishing to sell their boats in Florida. Legislation has just been signed into law that will cap Florida sales and use tax on boat sales at $18,000. The law will go in effect on July 1, 2010.

Governor Charlie Crist just signed the Jobs for Florida Bill (CS/SB-1752) which included the tax cap. Many people in the business have high hopes that this will make the state more competitive and bring it more in line with other states and countries. Florida's usual sales tax on a boat purchase is 6 percent plus a small surtax in some counties. This law will make the maximum sales tax $18,000.00. The use tax component could allow owners of foreign yachts to reflag in Florida if the owner pays the $18,000 fee provided they meet the other state and federal requirements.

Many in the industry including Whiteaker Yacht Sales and members of the Florida Yacht Brokers Association lobbied lawmakers heavily to support this bill in hopes that it will help the state save marine industry jobs, increase sales, and ultimately increase Florida's tax revenue making it a win – win situation.

Many have felt that Florida's high taxes have been one of the reasons for waning sales in the state with many buyers opting to purchase in neighboring coastal states with more attractive options.

Everyone in the marine industry in Florida can look at this new law as an opportunity to welcome prospective buyers with open arms and to encourage them to stay and enjoy Florida. Not only will boat dealers and brokerages benefit, it will also be good for the many Florida repair facilities, marinas, and other boat servicing and provisioning businesses. Buyers may opt to stay here to get work done on their boats or to keep their boats on a permanent basis as their home away from home.