Eliminates provisions of law that require the payment and subsequent refund of the ten cent diesel excise tax and sales tax on diesel motor fuel when sold to operators of commercial fishing vessels for use in the operation of such vessels.
Summary
Bill S02190 amends New York's tax law to provide an exemption from the payment of the motor fuels tax and sales tax on diesel motor fuel used in the operation of commercial fishing vessels. Specifically, it eliminates the requirement for operators of commercial fishing vessels to pay the ten-cent diesel excise tax and sales tax on diesel fuel purchased for their vessels. This exemption aims to support the commercial fishing industry by reducing operational costs associated with fuel expenses.
Impact
The bill will directly impact the financial obligations of commercial fishermen by exempting them from certain taxes on diesel fuel. This change is expected to lower operational costs for commercial fishing vessels, potentially leading to increased profitability and sustainability within the industry. The amendments will also necessitate updates to the state's tax collection processes to accommodate these exemptions.
Sentiment
The general sentiment surrounding Bill S02190 appears to be supportive among stakeholders in the commercial fishing industry, as it addresses financial burdens they face. However, there may be concerns from fiscal conservatives regarding the potential loss of tax revenue and the implications for state funding. The absence of recorded votes or committee discussions indicates that the bill may not have faced significant opposition thus far.
Contention
Notable points of contention may arise from differing views on tax exemptions. Supporters, primarily from the fishing industry, argue that the exemption is necessary for economic viability, while opponents may raise concerns about the long-term implications for state revenue and fairness in tax policy. The lack of extensive debate or recorded votes suggests that these issues have not yet been fully explored in the legislative process.
Eliminates provisions of law that require the payment and subsequent refund of the ten cent diesel excise tax and sales tax on diesel motor fuel when sold to operators of commercial fishing vessels for use in the operation of such vessels.
Eliminates provisions of law that require the payment and subsequent refund of the ten cent diesel excise tax and sales tax on diesel motor fuel when sold to operators of commercial fishing vessels for use in the operation of such vessels.
Provides for a phased decrease of excise taxes and sales taxes and petroleum business taxes on diesel motor fuel and motor fuel when the average price of motor fuel in the state exceeds $2.25 per gallon; authorizes cities having a population of one million or more and counties to adopt local laws limiting taxes on diesel motor fuel and motor fuel.
Provides motor fuel tax exemption for sales of diesel motor fuel used in vessels used directly in a business providing sport fishing opportunities for hire to the general public from the tax on petroleum businesses and from sales and compensating use taxes.
Provides motor fuel tax exemption for sales of diesel motor fuel used in vessels used directly in a business providing sport fishing opportunities for hire to the general public from the tax on petroleum businesses and from sales and compensating use taxes.
Provides motor fuel tax exemption for sales of diesel motor fuel used in vessels used directly in a business providing sport fishing opportunities for hire to the general public from the tax on petroleum businesses and from sales and compensating use taxes.