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Wealthy Gulf Coast individuals have plenty to gripe about with all the tax uncertainty emanating from Washington. But the success of the St. Petersburg Power & Sailboat Show indicates they're not worried.
Skip Zimbalist, CEO of Fort Lauderdale-based Show Management, was surprised by the turnout of his firm's recent boat show, which had 20% more guests than the 2010 show.
The key: a 2010 Florida tax law capping sales tax on boats in Florida.
The Jobs for Florida Bill, which was signed into law by former Gov. Charlie Crist last year, caps sales tax on new boats and other taxes on boats already purchased at $18,000. Zimbalist tells Coffee Talk that boat sales in Florida were up this year and will continue to rise through 2012.
The tax was good news for boating enthusiasts, but the effects may ripple through Florida's economy. “When people buy boats here it creates jobs here,” Zimbalist says.
Before the tax went into effect, potential boat owners would head to another state or overseas to buy, Zimbalist explains.
Florida boat manufacturers and dealers can also rejoice because of the dwindling market for used yachts. “If you want a yacht you'll have to buy a new one,” Zimbalist says.
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