What will happen to the 25% category in terms of the new BOAT legislation?
The BOAT will be eliminated immediately for this category of business. Businesses in this category can expect a substantial saving in taxes in year one. In subsequant years, increasing tax rates may diminish the savings experienced in the first year. In years four and five of the BOAT phase-out, the anticipated increase in commercial tax rates will result in marginal increases as municipal units look to recover the funds they need in order to provide services.
