Looking to purchase a private aircraft or a luxury yacht? You may be in luck, courtesy of the new state budget agreement.
Lawmakers on Monday are set to pass a budget bill that includes a state tax break on the purchase of small planes and big boats, which has drawn protest from lawmakers and advocates who unsuccessfully pushed for an increase in the minimum wage.
Under the bill, the purchase of a private airplane that seat fewer than 20 people and can carry less than 6,000 pounds would be exempt from sales tax. When it comes to boats, the amount of the purchase price greater than $230,000 wouldn’t be subject to sales tax.
How did these tax breaks get into the budget?
LI boat dealer credits @NYGovCuomo for listening to tax concerns. (#nybudget features yacht sales tax exemption) http://t.co/xPQOymvcWJ
— Yancey Roy (@YanceyRoy) March 30, 2015
Aren't you glad Governor Cuomo has the best interests of the state in his heart?