Sales Tax Law Rerverts Back to 12/6 Month Rule
Buyers already under a “binding contract” to purchase, on or before September 30, are grandfathered in under the 90 day rule.
The “Repair, Retrofit and Modification Rule” applies as before, allowing work to be done in California during the test period, but with special conditions.
This proposal had been tabled indefinitely last June, and comes as a surprise to the marine industry. With California’s budget deficit, it is understandable, but it comes at a time when the marine industry is already struggling. Unlike September 2004, this time there is no window for Buyers to make their purchase before the law change. In 2004, there was a surge of boat buying activity prior to the law change on October 1.
Yacht Brokers are not qualified to advise you with certainty in these matters. Be sure to utilize the services of a qualified attorney. I refer my clients to two excellent attorneys in San Diego, who specialize in the area:
Cris John Wenthur, www.wenthurlawgroup.com
Paul Trusso, www.offshoredelivery.net
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