No Tax Breaks for Boats

摘要

"There's absolutely no reason why taxpayers should subsidize luxury yachts," said Democratic Representative Mike Quigley of Illinois when he introduced the two-page bill in 2013. It amends a provision in the federal tax code that allows boat owners to deduct mortgage interest on vessels used as second homes. Taxpayers can claim a deduction on as much as $1.1 million in mortgage payments on two homes: a "main home" where they live most of the time and a second one.