I don’t know about yachts but yes, for a while there, you could write off the cost of a big vehicle like a truck or SUV as a business expense in the year you bought it instead of having to amortize and depreciate the value over time. It was done to spur spending. Not sure if that’s still the law or why a yacht would qualify...
... unless after they destroy all the habitable lands these folks intend to live like Waterworld.