BUSINESS

California GOP Torpedos Bid To End Tax Loophole For Yacht Owners

03/28/2008 02:46 am ET | Updated May 25, 2011

Yacht buyers will continue to benefit from a loophole that allows them to avoid sales tax on their boats, after Republicans in the Assembly blocked an effort to close it Tuesday.

The vote came hours after Gov. Arnold Schwarzenegger asked state agencies to consider freezing hiring for nonessential workers and to make reductions in their travel and public outreach budgets to save $100 million.

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