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April 16, 2015

Inland Democrats seek to end yacht tax provision, support LGBT rights

On Tax Day, Rep. Pete Aguilar, along with Rep. Mike Quigley (IL-05) and Rep. Raul Ruiz (CA-36), introduced the Ending Taxpayer Subsidies for Yachts Act to end a special tax break for yacht owners. The bill ends a special tax provision that allows luxury yacht owners to deduct their interest payments on their yachts by calling them second homes. It closes a tax loophole so middle-class families no longer subsidize yachts for the ultra-wealthy.

Jeff Horseman of the Press-Enterprise has the story here.