Relates to sales and compensating use taxes imposed with respect to vessels.
Summary
Bill S03874 proposes the repeal of specific subdivisions of the New York tax law that pertain to sales and compensating use taxes imposed on vessels. Specifically, it seeks to repeal subdivision (jj) of section 1115 and subdivision 13 of section 1118, both of which were added in 2015. The bill aims to eliminate these tax provisions, thereby potentially affecting the taxation framework for vessel sales and use in New York State.
Impact
If enacted, this bill would remove the existing sales and compensating use taxes on vessels, which could lead to a reduction in revenue for the state from vessel-related transactions. It may also influence the boating industry by making vessel purchases more financially attractive, potentially increasing sales and usage of vessels in New York. The repeal could alter the competitive landscape for boat dealers and manufacturers operating within the state.
Sentiment
The sentiment surrounding Bill S03874 appears to be mixed, as indicated by the committee vote where 5 members supported the bill while 2 opposed it. This suggests that while there is some support for the repeal, there are also concerns among certain legislators about the implications of removing these tax provisions.
Contention
Notable points of contention likely revolve around the potential loss of tax revenue versus the benefits of stimulating the boating industry. Supporters may argue that the repeal will promote economic growth and attract more consumers to purchase vessels, while opponents may raise concerns about the impact on state finances and the fairness of tax burdens on other sectors.
Relates to the imposition of sales and compensating use taxes with respect to certain aircraft; repeals provisions relating to the exemption from sales and compensating use taxes of general aviation aircraft, and machinery or equipment to be installed on such aircraft.
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.
Relates to excise tax on telecommunication services (Part A); relates to temporary municipal assistance sales and compensating use taxes for cities of one million or more on telecommunication services (Part B).
Relates to the imposition of sales and compensating use taxes with respect to certain aircraft; repeals provisions relating to the exemption from sales and compensating use taxes of general aviation aircraft, and machinery or equipment to be installed on such aircraft.
Relates to the imposition of sales and compensating use taxes with respect to certain aircraft; repeals provisions relating to the exemption from sales and compensating use taxes of general aviation aircraft, and machinery or equipment to be installed on such aircraft.