T&T: Delaware Corp ownership question

[Joyce Colwell]

Connecticut charges a "use tax" and the amount of the tax is the same amount
as their sales tax.  One does not escape the tax by having a boat owned by a
corporation.  Some boat owners from Connecticut kept their boats in Rhode
Island to avoid the heavy Connecticut tax but the tax department hunted them
down and Rhode Island was finally encouraged to help the tax department.
This was several  years ago but I'm sure things have not changed.  We were
advised by our yacht broker to establish a Delaware Corporation when we
bought a boat there and we went through that expense.  We were not looking
specifially to avoid the sales tax but to do what was supposed to be the
right thing to do.  Eventually, we paid the use tax plus several years worth
of interest and penalties along with half the Connecticut boating
population.  We know about the Rhode Island thing because we had several
friends who kept their boats there.   Things may be very different in other
parts of the country.  So far, at least, in North Carolina one doesn't pay a
sales tax on a used boat.  Property taxes are paid, however.  Just my own
personal experiences.

Joyce


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