Sen. Kerry Abandons (Tax-Dodge) Ship, Agrees to Pay $500k MA Tax on Yacht

Following up on my prior posts:

• Sen. John Kerry Skips Town on Sails Tax (July 23, 2010)
• Sen. Kerry Sails Around the Tax Issue (July 27, 2010)

Sen. Kerry announced yesterday that he would pay over $500,000 in Massachusetts taxes on his $7 million yacht ($437,500 in state use tax, $70,000 in annual state excise tax): "We’ve reached out to the Massachusetts Department of Revenue and made clear that, whether owed or not, we intend to pay the equivalent taxes as if the boat’s home port were currently in Massachusetts. That payment is being made promptly."

• Associated Press
• Boston Globe
• Boston Herald
• Don't Mess With Taxes
• The Hill
• WHDH