This legislation is apparently based on the premise that "yachts" are owned by rich people and that the American taxpayer is subsidizing their extravagant lifestyle. This is a great misunderstanding. A "yacht," by definition, is any vessel that is 26 feet or longer, and the deduction on interest expense is only applicable if the boat has a head, galley, and sleeping berth. We know that a 26-footer is hardly what we all think of when we hear the word "yacht." Many a boat that can function as a second home on a lake or river fits the definition of "yacht." If land-sited dwellings and RVs can qualify for an interest deduction as a second home - and they can - why should a live-aboard boat be excluded simply because it floats on the water instead of being placed on land or driven down the highway? The logic is simply not there.