ALBANY—A measure in New York’s state budget would exempt very expensive boats from sales tax, under an agreed-upon budget bill printed over the weekend.
The so-called “yacht credit” has not been part of the budget discussion this year, but it appeared quietly over the weekend in a revenue bill, under section SS, that would exempt any portion of the purchase of a boat above $230,000 from sales tax.
The idea of the yacht sales tax exemption isn’t entirely new. As Capital reported last year, a so-called “clean-up” budget bill that was never introduced would have also contained some kind of sales tax exemption for expensive boats.
Ron Deutsch, executive director of the left-leaning Fiscal Policy Institute, called the measure “pretty ironic.”
“We could not agree on property tax relief for struggling homeowners but somehow we can agree that people who are purchasing yachts shouldn’t have to pay sales tax in New York," Deutsch said. "I wasn’t aware that there was a huge yacht lobby that was pushing for this. This really kind of seemed to come out of nowhere, and I’m surprised to see it in the final revenue bill."
“The ironic part is that your average Joe in New York who wants to go out and buy a small 16-foot bass fishing boat for his own personal use will actually pay sales tax, but someone going out and buying a yacht isn’t going to be subject to the same tax,” Deutsch said.
having done my own taxes for 5 years....it's amusing to do the longer version just for fun...you pay a little more but most of us waste $$ on sh!t from the end caps in the stores or other frivolities. Do this and it's an education into how NYS is KILLING EVERYONE through extortion......
do this and learn...no wonder the public cannot have a serious conversation regarding 'fair share', taxes or what the hell to do with $$.....
the public needs to educate itself or just plain cease participating.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
So are you saying this is for the benefit of all us good folk so we can go buy a yacht and pull up to the casinos?
No silly!!
this is happening nationwide.... there will be the 'have's' and the 'have nots'. no more middle class....they are being squeezed out.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Report: Cuomo donors to benefit from yacht tax break By Bill Mahoney 3:02 p.m. | Mar. 31, 2015
ALBANY—Several large donors to Governor Andrew Cuomo and New York State Senate Republicans stand to benefit from the tax breaks on yachts and private jets that were included in his budget, according to a report by a liberal activist group.
The Hedge Clippers, which is “working to expose the mechanisms hedge funds and billionaires use to influence government and politics,” performed a “quick review” of seven hedge-fund managers who have donated to campaigns in New York.
These donors own “at least eight private planes, including a Boeing 767 and several Gulfstream jets,” a helicopter, and five yachts worth up to $60 million, according to the report. A budget bill that passed both houses of the Legislature Monday night grants tax breaks on purchases of boats that cost more than $230,000 and planes that fit fewer than 20 people. The report argues that several elected officials have directly benefited from the use of these planes. They identified 13 in-kind donations providing usage of “private jets and helicopters” to Cuomo’s campaign over the last election cycle. One of these donations came from former Cuomo employer Andrew Farkas, “who may benefit spectacularly from the tax break as an owner of marinas and controller of the North Cove yacht park,” according to the report.
The governor’s use of private jets has come under criticism in the past. In 2012, the Daily News found that “a half-dozen contributors spent $145,583 to jet Cuomo to events in Puerto Rico, California, Buffalo, Syracuse, New York City and the Hudson Valley.” “Unlike previous administrations and other state officials, the governor does not use state aircraft for political purposes,” an administration official said at the time. A spokesman for the governor did not immediately return a request for comment. You've received this Capital Pro content because your customized settings include: Albany (all articles) or one of the following Albany topics: Andrew Cuomo.
And the Republican side of the story....oh right it’s for the NY film industry…WINK WINK
Skelos: Tax Breaks For Yachts, Planes A Job Creator (Updated) Senate Majority Leader Dean Skelos defended the decision to include in the state budget a tax break for those with boats worth $230,000, calling such a measure one that creates jobs.
Speaking with reporters in a gaggle outside of his office, Skelos compared the tax break which covers “every description of watercraft other than a seaplane used or capable to being used as a means of transportation on water” to the film-tax credit, which has expanded in recent years.
“It creates jobs, it makes New York state competitive and that would afford jobs for people to make above the minimum wage,” Skelos told reporters. “It’s about job creation. Just like we have the film tax credit, we have other exemptions.”
The yacht exemption, along with a sales tax break for those who own private airplanes, was quickly pounced on by liberal watchdog groups like the Fiscal Policy Institute and Senate Democrats, including Minority Leader Andrea Stewart-Cousins.
Updated: The labor-backed Working Families Party is also knocking the proposal covering yachts and planes.
“The Governor and legislature should be ashamed of a state budget that provides tax breaks for yachts and private jets while failing to raise the minimum wage,” said WFP Co-Chairwoman Karen Scharff. “This outrage proves once again the link between campaign donations from the wealthy and policies that increase inequality.”
oh,,,,and there's more like that....by professions....because only certain professions are 'more equal' than others ie: military/teachers/government workers
forget about your janitor,CNA, dishwasher etc etc.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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