OLR Bill Analysis

sHB 5425

AN ACT CONCERNING THE APPLICABILITY OF THE SALES AND USE TAX TO VESSEL STORAGE, MAINTENANCE OR REPAIR.

SUMMARY:

This bill extends (1) the sales tax exemption for winter storage of noncommercial vessels by two months and (2) the use tax exemption for winter storage, maintenance, and repair of vessels brought into the state exclusively for those purposes by one month. Under current law, the sales tax exemption applies from November 1 to April 30, and the use tax exemption from October 1 to April 30. . The bill makes both exemptions apply from October 1 to May 31.

EFFECTIVE DATE: Upon passage

COMMITTEE ACTION

Finance, Revenue and Bonding Committee

Joint Favorable Substitute

Yea

50

Nay

0

(04/03/2012)