The marine industry is composed of trades and commercial enterprises that relate to or operate in domestic or foreign waters. Primary components of the marine industry include vessel operations and vessel support enterprises such as repairmen, supply vendors, and service companies. The following are some terms unique to the marine industry. The Boat and Boat Motor tax applies to sales only. The words lease and rental are used interchangeably.
Bare rental is the rental of a vessel without a crew.
A third party who brings together a company and a customer who desire to transport goods or services for a fee. The broker's fee is not taxable and does not reduce the selling price of the transport service. A business entered into for profit. The use of a vessel exploration for or production of minerals is considered a commercial enterprise. Includes marine cargo containers and required safety equipment.