Bill > S2150

This bill modernizes boat registration and marine vessel taxation by establishing a new excise tax, or fee, on vessels, which will be assessed annually by cities and towns based on the vessel's value and length, with a rate of $10 per $1,000 of valuation, and this excise tax will exempt owners from other property taxes on their vessels. Owners are required to file a return by September 1st detailing their vessel's location and registration, and the value of vessels will be determined by assessors but capped according to a set schedule based on age and length, with specific exemptions for certain commercial fishing vessels, vessels valued at $1,000 or less, and other categories. The bill also introduces a registration decal system for documented vessels, requiring owners to obtain a decal from the state and display it on their vessel, and this registration information will be shared with local assessors to aid in excise tax collection, with penalties for late payment and provisions for abatement or reduction of the excise tax in cases of transfer of ownership or removal from the state, and importantly, the payment of this excise tax will be a prerequisite for obtaining or renewing a vessel's registration decal or certificate of number.