NMMA - National Marine Manufacturers Association Inc.

07/01/2026 | Press release | Distributed by Public on 07/01/2026 14:32

Bipartisan Legislation Makes Boating More Affordable for American Families

The National Marine Manufacturers Association (NMMA) welcomes the introduction of the bipartisan Boat Loan Interest Deduction Act of 2026, legislation that would help make recreational boating more affordable while supporting American manufacturing and small businesses.
Introduced by Representatives Rudy Yakym (R-IN) and Don Davis (D-NC), the legislation would allow taxpayers to deduct interest paid on qualifying recreational boat loans, helping more Americans achieve the dream of boat ownership and spend time on the water. At the same time, the bill reinforces a uniquely American industry, with 95 percent of boats sold in the United States built domestically and 93 percent of boat builders operating as small businesses.
"The bipartisan Boat Loan Interest Deduction Act of 2026 recognizes recreational boating as a uniquely American industry that supports thousands of small businesses, strengthens domestic manufacturing, and creates jobs in communities across the country," said Frank Hugelmeyer, President and CEO of NMMA. "With 95 percent of boats sold in the U.S. built here at home - and 93 percent of boat builders classified as small businesses - this commonsense legislation will help make boating more affordable and accessible for American families. As our nation celebrates its 250th anniversary, this bill will help more Americans experience the freedom and traditions of spending time on the water. We thank Representatives Yakym and Davis for their bipartisan commitment to ensuring more Americans can access and enjoy our nation's waterways."
According to NMMA data, 61 percent of boat owners have household incomes of $75,000 or less. Additionally, 95 percent of boats in the U.S. are less than 26 feet in length and are towable, making them practical, affordable options for families looking to enjoy time together on the water.
To qualify for the deduction, a boat must:
  • Be first used by the purchaser;
  • Be classified as a recreational vessel under 46 U.S.C. Section 2101;
  • Meet the definition of a motorboat under 46 CFR Section 90.10-23; and
  • Undergo final assembly in the United States.
Taxpayers claiming the deduction would be required to provide the vessel's hull identification number on their federal tax return.
The bill would:
  • Allow taxpayers to deduct up to $10,000 annually in qualifying boat loan interest;
  • Make the deduction available through 2028; and
  • Phase out the deduction for taxpayers with modified adjusted gross incomes above $100,000 ($200,000 for joint filers).

NMMA thanks Representatives Yakym and Davis for their bipartisan leadership and looks forward to working with Congress to advance this legislation. By making boat ownership more affordable while supporting American manufacturing, the bill will help more families discover the benefits of life on the water and strengthen an industry that proudly builds its products in communities across the United States.

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