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NY S03856
Bill
Status
1/30/2025
Primary Sponsor
Brad Hoylman-Sigal
Click for details
AI Summary
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Repeals the existing sales and use tax exemption for general aviation aircraft and related machinery/equipment installed on such aircraft
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Extends sales tax rules currently applying to motor vehicles and vessels to include noncommercial aircraft with less than 20 passenger seats and under 6,000 pounds maximum capacity
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Requires sales tax on leases of one year or more for covered aircraft to be collected upfront based on the full lease value at the time of first payment or vehicle registration
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Applies sales tax to transfers, distributions, or contributions of aircraft between affiliated corporations, with tax calculated on purchase price or current market value if owned over six months
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Takes effect June 1, 2025
Legislative Description
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.
Last Action
REPORTED AND COMMITTED TO FINANCE
5/28/2025