BY JON WHITEN
SPECIAL TO NEWJERSEYNEWSROOM.COM
If you pay attention to regional media, you may have noticed that a provision in New York state's budget that calls for a tax break for purchasers of expensive boats has received a lot of attention in the past few days. (Here's the NY Times story if you haven't seen anything yet: http://www.nytimes.com/2015/03/31/nyregion/shopping-for-yacht-new-york-budget-offers-a-tax-break.html?_r=0)
It's worth noting that New York is not alone in floating an ill-conceived tax break like this. New Jersey lawmakers have introduced a similar bill (S-2784 - http://www.njleg.state.nj.us/2014/Bills/S3000/2784_I1.PDF) that would cap the amount of New Jersey sales tax collected on a boat or yacht purchase at $20,000.