NY S00273

Exempts sales of general aviation aircraft from New York state sales and compensating use taxes, effective April 1, 2015.

Exemption applies to sales made and uses occurring on or after April 1, 2015, but does not apply to sales occurring after March 31, 2020.

Aircraft purchased under this exemption remain exempt from sales tax for their useful life, including upon subsequent sales or ownership transfers after the exemption expires.

Requires the Commissioner of Taxation and Finance, in conjunction with the Commissioner of Transportation, to report by November 1, 2019, on the economic and revenue impact of the exemption, including effects on aviation employment, aircraft basing, maintenance, and hangering.

Authorizes the Commissioner of Taxation and Finance to adopt rules, regulations, and procedures necessary to implement the exemption.