No, it was Carter. It almost destroyed the American boat and general aviation industry. As raising taxes always does.
Except Carter had been out of office for 10 years. Please people, get your facts straight.
No, it was Carter. It almost destroyed the American boat and general aviation industry. As raising taxes always does.
I recently heard that even a used boat originally built in China and being resold in the USA may be liable for the import tax upon its sale. Anyone heard about or experienced this?
John T.
I recently had a client who was buying a Chinese-built used vessel, it was originally imported through Canada, then purchased by an American, and the duty was never paid, so my client had a choice, pay the duty, get the seller to pay the duty, or get the seller to reduce the selling price to cover the duty. It was a negotiation.
I would verify all with an attorney who specializes in yacht (and jet) import duties.
First, there was no additional tariff added to boats from China. The current tariff is 1.5% if imported into US.
Second, there are plenty of boats built in China, some in Taiwan, some in Malaysia. The Chinese builders sales in the US remain good although hurt some by the pandemic. Horizon, Cheoy Lee, Outer Reef are doing well as are others.
I don't believe so, at least not typically. Import Duty is a one time thing on initial import. The only exception that I have heard of, and I'm not convinced it's real or correct, is that if a duty-paid boat is subsequently registered in another country, then brought back into the US, it might be subject to duty again. But the more I think about it, I don't think that's correct. I know people who own duty-paid boats, but they are registered in other countries. These boat's were then sold in the US and registered in the US without issue because the Duty was already paid. One recommendation is to get and retain documentation of duty paid if you import a boat so that you are another owner can show it's been paid.
I recently heard that even a used boat originally built in China and being resold in the USA may be liable for the import tax upon its sale. Anyone heard about or experienced this?
John T.
I recently heard that even a used boat originally built in China and being resold in the USA may be liable for the import tax upon its sale. Anyone heard about or experienced this?