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Sponsors
2 Co-sponsors
History
- Print number 4816a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to sales and compensating use taxes imposed with respect to certain aircraft and vessels by article 28 and pursuant to the authority of article 29 of such law; and to repeal certain provisions of such law relating thereto
Purpose
To repeal Part SS and Part TT of the 2015 New York State Revenue Budget Bill; S.2009/A.3009; which provided certain aircrafts and vessels a tax exemption after the first $230,000 of sale price.
Summary of provisions
Amends the sections of tax law that were changed by Part SS and TT of the 2015 New York State Revenue Budget. Bill, which provided a tax exemption on the receipt of sales in excess of $230,000 on vessels and certain aircrafts.
Section 1 Adds noncommercial aircraft having a seating capacity of less than twenty passengers and maximum payload capacity of less than six thousand pounds back into Paragraph (A) of subdivision (i) of section 1111 of the tax law.
Section 2 Adds 'aircraft' back into section 1111 of the tax law.
Section 3 Repeals paragraph 21-a of Section 1115 of tax law, which was created by Chapter 59 of the laws of 2015
Section 4 Repeals subdivision (jj) of section 1115 of the tax law, which was created by Chapter 59 of the laws of 2015
Section 5 Repeals subdivision 13 of section 1118 of tax law, which was created by Chapter 59 of the laws of 2015
Justification
Buried in the Revenue portion of the 2015-2016 State Budget was a bill aimed at exempting yachts and private aircraft from sales and compensating use taxes for costs of $230,000 and above. Sales Tax exemptions can be good public policy when they seek to encourage important public policy prerogatives or incentivize the sale of particular technologies or products which create jobs. One such example in this year's State budget was a sales tax exemption for power purchase agreements for solar energy. This exemption contributes to a laudable goal-producing clean energy and reducing greenhouse gas emissions-while also helping to create production and installation jobs in the solar industry. Sales tax exemptions should not be used however, to provide benefits to a very few New Yorkers who can afford a particular product, while producing no discernible job creation benefit. The sales tax exemption for certain yachts and planes is bad public policy. Tax reductions should be broad based and above-all they should provide benefits to average hard working New Yorkers. For example, in Monroe and Ontario counties that comprise my Senate District-the median average family income is $52,700 and $56,749 respectively. Families in the Finger Lakes region are working hard every day to pay the bills and send their kids to school. These families need tax relief, in order to better meet their basic needs. As such-the recently adopted sales tax exemption for yachts and private planes of over $230,000 should be immediately repealed and any money that may become available should be used for broader based tax relief of targeted job creation programs that help hardworking taxpayers.
Legislative history
New bill
Fiscal implications
Recovery of revenue to the state.
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.