Fillable Form Au-462 - Vessel Worksheet (Page 2 of 2) in pdf

Instructions

Interest

Multiply the tax amount due (Line 5) by 1% (.01) per month for every month or partial month from the due date to the date of payment.

Due Date

For an individual purchaser, the individual use tax is due on or before April 15 of the year following the calendar year in which the vessel

was either purchased or first used in Connecticut.

For a business registered in Connecticut for business use tax, the business use tax is due on or before the last day of the month

following the period ending date during which the property was either purchased or first used in Connecticut.

For a business not previously registered in Connecticut for business use tax, the business use tax is due on or before January 31 of the

year following the calendar year in which the property was either purchased or first used in Connecticut.

Computing the Total Amount Due

Examples:

On June 12, 2013, an individual buys a vessel in Rhode Island for $500,000. Sales tax is not paid to any state on the purchase of

this vessel. The vessel is transported to Connecticut on August 1, 2013. The tax due date for this purchase is April 15, 2014.

(August 1, 2013, is the first use in Connecticut. For an individual the next use tax due date is April 15, 2014.) If the individual remits

payment on July 1, 2014, the total amount due is computed as follows:

Purchase price:

$500,000.00

Tax rate: 6.35% (.0635)

.0635

Use tax due: ($500,000 x .0635)

$31,750.00

Tax credit:

$0.00

Tax due: Subtract Line 4 from Line 3.

$31,750.00

Interest rate: 1% (.01) per month or fraction of a

4/15/14 to 7/1/14 = 3 months

.03

month

.01 x 3 months = .03

Interest due: Multiply Line 5 by Line 6a.

$952.50

$31,750 x .03

Penalty: 15% (.15)

$4,762.50

.15 x $31,750 = $4,762.50

Total amount due:

$37,465.00

Add Lines 5, 6b, and 7.

A Connecticut registered business buys a vessel in Florida for $99,000. Sales tax was not paid to any state on the purchase of this

vessel. The vessel was transported to Connecticut on July 1, 2011. This business files quarterly Connecticut sales and use tax

returns. The tax due date for this purchase was October 31, 2011. (July 1, 2011, was the first use in Connecticut. The next

quarterly return after the vessel arrives in Connecticut was due October 31, 2011.) If the business remitted payment on June 28,

2012, the total amount due was computed as follows:

Purchase price:

$99,000.00

Tax rate: 6.35% (.0635)

.0635

Use tax due: ($99,000 x .0635)

$6,286.50

Tax credit:

$0.00

Tax due: Subtract Line 4 from Line 3.

$6,286.50

Interest rate: 1% (.01) per month or fraction of a

10/31/11 to 6/28/12 = 8 months

.08

month

.01 x 8 months = .08

Interest due: Multiply Line 5 by Line 6a.

$502.92

$6,286.50 x .08

Penalty: 15% (.15)

$942.98

.15 x $6,286.50 = $942.98

Total amount due

$7,732.40

Add Lines 5, 6b, and 7.

C. An unregistered business buys a vessel in Finland for $1,000,000. Sales tax was not paid to any state on the purchase of this

vessel. The vessel was first used in Connecticut on July 4, 2011. The tax due date for this purchase was January 31, 2012.

(July 4, 2011, was the first use in Connecticut. For an unregistered business the next use tax due date was January 31, 2012.) If

the business remitted payment on October 14, 2012, the total amount due was computed as follows:

Purchase price:

$1,000,000.00

Tax rate: 7% (.07)

.07

Use tax due: ($1,000,000 x .07)

$70,000.00

Tax credit:

$0.00

Tax due: Subtract Line 4 from Line 3.

$70,000.00

Interest rate: 1% (.01) per month or fraction of a

1/31/12 to 10/14/12 = 9 months

.09

month

.01 x 9 months = .09

Interest due: Multiply Line 5 by Line 6a.

$6,300.00

$70,000 x .09

Penalty: 15% (.15)

$10,500.00

.15 x $70,000 = $10,500

Total amount due

$86,800.00

Add Lines 5, 6b, and 7.

AU-462 (Rev. 8/13)

Form Au-462 - Vessel Worksheet Page 2

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