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Weekly 5: Michigan passes boat tax cut

Weekly-5

Photo Credit: 401(K) 2013 - Flickr, IRS EIN - Flickr, Wikipedia

Christopher Gerber (CGerber@BoatingIndustry.com)
October 29, 2013
Filed under Top Stories, Weekly 5

The BI Weekly 5 is a collection of tips, news and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every Tuesday on BoatingIndustry.com.

1. Michigan passes boat tax cut

Michigan boat buyers will save on sales tax when they trade in a used boat under a bill passed by the state legislature.

Gov. Rick Snyder is expected to sign the tax cut into law soon. Under current Michigan law, buyers of new cars and boats pay sales tax on the full purchase price of a vehicle. The new law would require buyers to only pay sales tax on the purchase price minus the value of any trade in.

The law will be phased in over 24 years, with a maximum tax-exempt trade-in value of $2,000 in the first year. That amount will increase by $500 each year.

2. 5 use ‘em or lose ‘em tax breaks

There are dozens of tax breaks scheduled to expire December 31, writes tax attorney Barbara Weltman. Here are five that are especially important to small businesses to try to take advantage of before the end of the year.

3. New owner for old Sea Ray facility

Last week, Sea Ray announced it was moving its headquarters to downtown Knoxville’s First Tennessee Building.

It looks like the company’s shuttered plant and other buildings on 80 acres near Knoxville are being purchased by Leisure Pools, which manufactures composite fiberglass swimming pools.

4. Tablet use continues to surge

More evidence that every business needs to be thinking about its mobile strategy, as tablet ownership keeps growing.

Recent Pew Center research shows that 35 percent of those over 16 now own tablets, up from 25 percent last year. Some key facts about tablet owners:

  • 50 percent of Asians own tablets, compared to 37 percent of Hispanics, 35 percent of Whites and 29 percent of Blacks
  • 44 percent of those 30 to 49 own tablets, compared to 31 percent of those 50 to 64
  • 49 percent of college graduates own tablets
  • 65 percent of those with household incomes over $150,000, 57 percent of those with income $100,000 to $149,999 and 50 percent of those in the $75,000 to $99,999 segment own tablets

5. 7-point search engine marketing checklist

MarketingProfs offers 7 tips for making sure your search engine marketing is getting people to the right place on your website.

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