Domestic Taxes

Kerry will pay nearly $500,000 sales tax for yacht

The Boston Herald first reported Kerry’s decision to dock the 76-foot yacht Isabel in Newport, R.I., although he will use the boat at his summer home in Nantucket. 

Docking the boat in Rhode Island would have saved Kerry a one-time sales tax of $437,000 and about $70,000 a year in annual excise taxes. In 1993, Rhode Island repealed those taxes on boats. 

Kerry is allowed to use Rhode Island as a base for the new yacht but was liable for Massachusetts taxes if he brought the vessel to his home state within six months of its purchase, according to Massachusetts officials. 

News accounts placed the Isabel in Nantucket over the July 4 holiday then on Martha’s Vineyard since then. 

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