Kay Bell reports that Theresa Heinz Senator John Kerry will pony up the Massachusetts’ use tax due on his $7 million yacht:
OK, Sen. John Kerry is tired of all the yacht tax questions.
Kerry announced this afternoon that he’s paying all Massachusetts taxes due on his new $7 million yacht even though it’s docked in Rhode Island, where he bought it and which doesn’t collect sales tax on luxury vessels.
Rough calculations mean that Kerry will hand over to Bay State tax officials $437,500 in state use taxes, the companion to state sales taxes when an item is purchased in one jurisdiction but brought into another for regular use.
Massachusetts’ senior U.S. Senator also will owe another $70,000 thanks to the state’s annual excise tax on yachts.
Query: Will Massachusetts assess penalties and interest against Mr. Kerry for the late payment of these taxes?
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