NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A3057
SPONSOR: Carroll R TITLE OF BILL:
An act to repeal subdivision (jj) of section 1115 of the tax law relat-
ing to sales and compensating use taxes imposed with respect to vessels;
and to repeal subdivision 13 of section 1118 of the tax law relating to
sales and compensating use taxes imposed with respect to vessels
PURPOSE OF BILL:
The purpose of this legislation is to reinstate the sales tax on luxury
yachts costing more than $230,000.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill repeals subdivision (jj) of section 1115 of the
tax law, as added by section 1 of part SS of chapter 59 of the laws of
2015.
Section 2 of the bill repeals subdivision 13 of section 1118 of the tax
law, as added by section 2 of part SS of chapter 59 of the laws of 2015.
Section 3 of the bill is the effective date. JUSTIFICATION: The 2015
state budget created an exemption from sales and compensating use taxes
for luxury yachts and other vessels with a value of over $230,000. This
exemption is an unnecessary giveaway to wealthy individuals.
PRIOR LEGISLATIVE HISTORY:
A.9045/S.7136 of 2019-20; A.555/S.430 of 2021-22; A.1464/S.2557
FISCAL IMPLICATIONS:
Would result in revenue generated for the state.
EFFECTIVE DATE:
This act shall take effect June 1, 2025.
STATE OF NEW YORK
________________________________________________________________________
3057
2025-2026 Regular Sessions
IN ASSEMBLY
January 23, 2025
___________
Introduced by M. of A. R. CARROLL, EPSTEIN, WILLIAMS, WEPRIN, TAYLOR,
SIMON, ROSENTHAL, GLICK, STIRPE, ANDERSON, JACKSON, LEVENBERG, SIMONE,
DINOWITZ -- read once and referred to the Committee on Ways and Means
AN ACT to repeal subdivision (jj) of section 1115 of the tax law relat-
ing to sales and compensating use taxes imposed with respect to
vessels; and to repeal subdivision 13 of section 1118 of the tax law
relating to sales and compensating use taxes imposed with respect to
vessels
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision (jj) of section 1115 of the tax law, as added
2 by section 1 of part SS of chapter 59 of the laws of 2015, is REPEALED.
3 § 2. Subdivision 13 of section 1118 of the tax law, as added by
4 section 2 of part SS of chapter 59 of the laws of 2015, is REPEALED.
5 § 3. This act shall take effect June 1, 2025.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03124-01-5
