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NOTICES/INFORMATION FOR BOATERS    

 

More on  H.R. 1702

Please follow these additional links to learn more about this newly proposed bill:

 

Information from the Government Printing Office on H.R. 1702

Boating Magazine News

 

 

From BoatUs...

Your Summer Startup Safety Checklist

Good spring prep increases safety and fun for the entire boating season. Follow these tips to help you build your own list

Click here to download the printable version

·       Check things that might have deteriorated during winter, including exterior wiring connections for navigation lights, dock lines (chafing or freeze damage), life jackets (mold, rotten threads or fabric), paper charts, pipes including cockpit drains that were subject to ice damage, and hose clamps.

·       Move the rudder.

·       Replace deteriorated zincs

·       Check engine oil levels

·       Check that vent hoses haven’t become clogged.

·       If your boat has been under cover, check for deck leaks.

·       Check for freeze damage where water may have entered confined areas.

·       For I/Os, carefully check the bellows for any deterioration.

·       Check and test communications equipment.

·       Test navigation equipment.

·       Load test batteries.

·       Replace fire extinguishers if needed

·       Replace flares

For the full list, please visit BoatUs...

 

From

National Marine Manufacturers Association (NNMA)...

BACKGROUND


On May 3, 2011, Reps. Mike Quigley (D-IL), Gary Peters (D-MI), and Timothy Walz (D-MN) introduced HR 1702, which they named the “Ending Taxpayer Subsidies for Yachts Act.” The bill was referred to the House Ways and Means Committee. If enacted into law, this bill would have the effect of ending deductibility for interest on loans for boats that currently qualify as second homes. THE SECOND HOME INTEREST DEDUCTION MAKES BOATING MORE AFFORDABLE FOR MIDDLE CLASS FAMILIES


A taxpayer can currently deduct qualified interest on his/her mortgage for a principal or secondary residence up to a total value of $1.1 million.


 Boats that provide basic living accommodations including a sleeping space, a toilet, and cooking facilities are eligible as second homes and qualify for the deduction.  If the boat is chartered out, the taxpayer must use the boat for personal purposes for either more than 14 days or 10% of the number of days during the year the boat was actually rented.


There are 12 million registered boats and 75 million boaters nationwide.


 The median household income for boat owners falls between $50K and $75K.
 75% of all boat owners have a household income of less than $100,000
 According to NMMA statistics, 5600 new cruiser-type boats meeting the IRS requirement were sold last year and less than 5% of all boats in use qualify for this deduction.

For the remainder of this article by NNMA, please visit: http://www.nmma.org/assets/cabinets/Cabinet213/Interest Deduction Policy Brief 051111.pdf

 

Records Update Request

 

Please help us honor you and keep up with dates and events important to you.  Forms will be placed on the main table in the clubhouse to capture wedding anniversaries, birthdays (not including the year) and any other pertinent dates you wish to share with the membership.

 

 

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Last modified: 05/10/13

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