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Mass. Sen. Kerry Docks Family's New $7M Yacht In Rhode Island, Saving $500,000 In Taxes [View All]

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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-23-10 06:31 PM
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Mass. Sen. Kerry Docks Family's New $7M Yacht In Rhode Island, Saving $500,000 In Taxes
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Massachusetts Sen. John Kerry is docking his family's new $7 million yacht in neighboring Rhode Island, allowing him to avoid paying roughly $500,000 in taxes to his cash-strapped home state.

If the Isabel were kept at the 2008 Democratic presidential nominee's summer vacation home on Nantucket or in Boston Harbor near his city residence, he would be liable for $437,500 in one-time sales tax. He would also have to pay $70,000 in annual excise taxes.

Rhode Island repealed those taxes in 1993. That has made the state something of a nautical tax haven.

Kerry spokesman David Wade said Friday the boat is being kept at Newport Shipyard not to evade taxes, but "for long-term maintenance, upkeep and charter purposes."

Wade noted the vessel was designed by Rhode Island boat designer Ted Fontaine and purchased in the state. It was built in New Zealand by Friendship Yachts.

A Department of Revenue spokesman said Kerry would be liable for Massachusetts taxes if he berthed the boat in the Bay State within six months of its purchase. If the Isabel were brought to Massachusetts after that period, the state would have to decide if it wanted to pursue the taxes.

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http://www.newser.com/article/d9h4v1080/mass-sen-kerry-...
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