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Tax breaks given to buyers of yachts, private planes in New York State budget
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| Contributor | RP |
| Last Edited | RP Mar 31, 2015 10:35am |
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| Category | Proposed Legislation |
| Author | Kenneth Lovett , Erin Durkin , Glenn Blain |
| Media | Newspaper - New York Daily News |
| News Date | Monday, March 30, 2015 05:45:00 PM UTC0:0 |
| Description | They couldn’t spare a penny for minimum-wage workers, but state lawmakers found a way to help wealthy boat and plane owners.
The state budget deal hammered out by Gov.Cuomo and legislative leaders gives lucrative tax breaks for the purchases of mega yachts and private airplanes.
Under the budget deal, people buying a yacht in New York would pay sales tax on only the the first $230,000 of the purchase price, regardless of the vessel’s total cost.
The buyer of a $1 million yacht would face the same $9,200 state sales tax that the purchaser of a $230,000 boat would, officials said.
New Yorkers seeking to buy their own plane would get an even better deal. They would pay no sales tax on the entire purchase of any plane that carries fewer than 20 people. |
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