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• Feb 20, 2008 10:18 am US/Pacific
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  CA Republicans Halt Effort To End Yacht Tax Break

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CA Republicans Halt Effort To End Yacht Tax Break

SACRAMENTO (CBS 5 / KCBS) ― Assembly Republicans defeated a bill that would close the so-called "sloop hole" that allows owners of yachts and private planes to dodge a use-tax by parking the vehicles out of state for the first three months after purchase.

California loses an estimated $26 million a year because of the current law, which both Assembly Speaker Fabian Nunez and Governor Arnold Schwarzenegger want changed.

Eighteen Republican members of the Assembly voted against the measure to alter the existing law, and another 13 abstained from voting. None returned calls seeking comment.

The debate over the so-called yacht tax comes as Sacramento tries to save off a projected $14 billion budget deficit.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)