NMMA needs your help to prevent the President and Congress from enacting harmful new tax policy that will affect your bottom line and cost consumers thousands each year.  Urge the President and your member of Congress to oppose lowering the mortgage interest deduction cap or possibly eliminating it entirely for second residences.
 

What is the problem?  Today, a tax advisory panel appointed by the President recommended slashing the current $1.1 million mortgage interest deduction cap by nearly 60% to 80% and making it unavailable for second residences, including boats.

Why should I care?  Boaters are currently eligible to classify their vessel as a second residence and deduct the interest on their boat mortgage if their vessel provides basic living accommodations that include a sleeping space, a toilet, and cooking facilities.  This cut will harm the industry by making boat ownership less affordable for the middle class where the median household income for new boat owners ranges between $75 K and $99K and between $50K and $74K for boaters with pre-owned boats.

Help us make sure Congress and President Bush do not repeat the disastrous luxury tax of the 1990s that destroyed the U.S. market for boats.

How do I get involved? Please contact both the President and your member of Congress and urge them to oppose the Presidential Tax Advisory Panel’s recommendation and any subsequent legislation that would lower the mortgage interest deduction.  You can reach the White House switchboard by calling (202) 456-1414.  You can also reach your member of Congress by fax or email at www.nmma.org/grassroots/ where you will find contact information for your representatives and a form letter that you can customize to suit your company.

Please let Jeffrey Gabriel (jgabriel@nmma.org) know when you respond to your elected representatives so NMMA can follow up.