Boat industry boosted by Formica tax initiative
The employees of the Marine Trades Industry of Connecticut would like to say acknowledge Senator Paul Formica, R-East Lyme, for his leadership role in enacting the bill to get sales tax on boat sales in Connecticut rolled back to 2.99 percent. For years, the Connecticut Marine Industry has had to compete with neighboring states offering a lower sales tax on boat sales to lure Connecticut residents to buy and keep their boats in those neighboring states.
The new law, which Senator Formica played a major role in crafting, will significantly level the playing field between competing states, which will create economic activity and new jobs on our lakes, rivers and the entire Connecticut shoreline.
All too often there is finger pointing in the direction of Hartford. However in this case, Formica and the Connecticut legislators got it right.
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