Md. Code Regs. 08.04.10.02
Current through Register Vol. 51, No. 12, June 14, 2024
Section 08.04.10.02 - Taxable Value of VesselsA. Vessel excise tax is levied at the rate of 5 percent of the purchase price of a vessel.B. The minimum vessel excise tax is $5.C. Purchase price may be reduced by the value of any vessel traded to a licensed dealer as part of the consideration for the sale. (1) Trade value shall be documented using the form provided by the Department.(2) Value shall be calculated using one of the following methods: (a) Average of BUC Book low and high retail;(c) 80 percent of a survey based on a physical inspection of the vessel occurring within the prior 180 days by a surveyor accredited by the Society of Marine Surveyors Inc. or certified by the National Association of Marine Surveyors Inc.D. Vessel excise tax and fees collected by a licensed dealer must be received by the Department within 30 days of sale.E. A vessel duly registered in another jurisdiction may use Maryland waters for a cumulative total of 90 days in a calendar year without incurring a vessel excise tax liability. A vessel may remain longer than 90 days without incurring a vessel excise tax liability as long as a greater portion of the year is spent in another single jurisdiction.Md. Code Regs. 08.04.10.02
Regulation .02 adopted effective October 29, 1975 (2:24 Md. R. 1480)