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NY S03874

Bill

Official Source

Status

Introduced

1/30/2025

Primary Sponsor

Brad Hoylman-Sigal

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Repeals subdivision (jj) of section 1115 of the tax law, which provided a sales tax exemption for vessels (boats)

  • Repeals subdivision 13 of section 1118 of the tax law, which provided a compensating use tax exemption for vessels

  • Eliminates tax exemptions that were originally enacted in 2015 as part of the state budget

  • Takes effect June 1, 2025

  • Sponsored by Senators Hoylman-Sigal and Ramos and referred to the Committee on Budget and Revenue

Legislative Description

Relates to sales and compensating use taxes imposed with respect to vessels.

Last Action

REPORTED AND COMMITTED TO FINANCE

5/28/2025

Committee Referrals

Finance5/28/2025
Budget and Revenue1/30/2025

Full Bill Text

No bill text available