The Associated Press April 29, 2011, 1:40PM ET

Texas House committee approves tax break on yachts

The Texas House Ways and Means Committee has approved a tax break for those who want to buy yachts costing $250,000 or more.

In a vote late Thursday, the committee approved a bill by Houston Republican Rep. John Davis. The proposed law would cap the maximum sales tax the state would collect on the sale of a personal boat.

Davis says the measure is needed because Florida has a similar law and boat buyers are going there to make their purchases. The measure passed on an 8-3 vote along party lines.

Democrats are outraged at the proposed tax break at a time when the state must cut $27 billion in state services from the budget.

The bill will now be considered by the full House.


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