Connecticut Senate Bill SB00081

Connecticut 2017 Regular Session

• Introduced: 1/12/17
• Refer: 1/12/17

Caption

An Act Limiting The Sales And Use Taxes On Certain Vessels And Motors.

Impact

If enacted, the bill will significantly alter the financial landscape for the maritime sector in Connecticut. The reduction of sales and use taxes is expected to drive more marine businesses to operate within the state, rather than looking for more favorable tax environments elsewhere. The anticipated effect is an increase in local sales and a potential uptick in nautical tourism, benefiting ancillary services such as marinas and maintenance facilities. This bill represents a strategic effort to stimulate economic growth within the marine industry by making Connecticut a more attractive location for boat owners and businesses alike.

Summary

SB00081 is a legislative proposal aimed at enhancing the competitiveness of Connecticut's marine industry. The bill seeks to amend chapter 219 of the general statutes to limit the sales and use taxes on certain vessels and their motors to three percent. This tax reduction is designed to attract more customers to the state, encouraging both the sale and registration of vessels directly in Connecticut. Proponents of the bill believe that lower taxes will stimulate the economy within the marine sector and bolster job creation in related industries.

Contention

The potential points of contention surrounding SB00081 may revolve around the balance between tax revenue generation for the state versus the financial benefits of attracting marine business investments. Opponents could argue that reducing tax income from vessels may lead to reduced funding for public services. On the other hand, supporters will likely assert that fostering a thriving marine industry can offset this by generating new jobs and constructing a vibrant economy in the long term. Discussions in committee sessions might highlight the differing views on economic policy and the role of state tax incentives.