The Rhode Island Advantage: No Sales-Tax on Boats
Whether it’s in the form of hundreds, thousands, or millions, every boater has a budget. Regardless of the figure, we all want to stretch our dollars as far as they will go. As a boater, one way to stretch your dollars as far as they go is through Rhode Island’s no-sales-tax policy on boats and boating services.
According to the State of Rhode Island- Division of Taxation, Regulation SU 91-37 states “the sales tax law provides for an exemption for the sale of a boat or vessel to a bona fide nonresident of Rhode Island who shall not register such boat or vessel in Rhode Island, or document said boat or vessel with the United States Government at a home port within Rhode Island; provided that such nonresident shall transport the same outside Rhode Island within thirty (30) days after delivery by the seller for use thereafter solely outside Rhode Island.”
Policy makers have long recognized the benefits of fostering the health of Rhode Island’s marine trades while also attracting boaters to its beautiful shores. Rhode Island’s no-sales-tax policy was put into effect in 1993, thanks to the efforts of RIMTA, Rhode Island Marine Trades Association, who recognized early on how significant boating is to Rhode Island’s economy.
In addition to an exemption of tax-sales on boats, boat services (such as repairs, refits, storage, dockage and mooring fees) and boat property taxes are also tax-free. And, you don’t have to live in Rhode Island to take advantage of these exemptions. According to the most recent statistics, approximately half of the registered boaters in Rhode Island live in other states.
Wendy Mackie, CEO of RIMTA explains “These policies are such a strong incentive to buy your boat in Rhode Island and to keep it here!” Not only do these policies benefit the boating industry here in the Ocean State, but it also benefits the consumers who choose to take advantage of the state’s policies.
Often referred to as the world’s sailing capital, Newport, RI is home to Nicholson Yachts. Conveniently located in the Newport Shipyard, our services embrace everything from charter management to crew placement and yacht sales. If you are in the market for a yacht, check out our listings for sale and consider taking advantage of Rhode Island’s no-tax-policy!
To the buyer who wishes to place their yacht into the charter industry we offer our expertise in find the best yacht that fits your needs and the right charter yacht to insure a successful charter experience.
Purchasing a charter yacht can be an excellent option. Most charter yachts are in good working order and many also have a strong record of established income.
Selling Your Yacht the Nicholson way!
Advanced software and database capabilities, along with more than 60 years of successful networking make Nicholson Yachts Worldwide the team to choose when you decide to sell a yacht. Tailored marketing will chart your yacht to the right buyer through discreet and high level exposure to the clientele through varying marketing techniques. Within 24-hours of signing a Central Agency Agreement with Nicholson, e-fliers will be distributed digitally to potential buyers, bringing the news to the forefront of a global audience.
Additionally, your yacht will be promoted through a variety of other exceptional measures:
- Multiple listing systems that reach brokers all over the world
- Direct mail
- Magazine advertising
- Boat shows
- Open house viewings and special event hostings
- Press releases with international distribution