New York Lawmakers Carve Out Sales-Tax Exemption for Struggling Yacht Buyers | The Compost Bin | Forums

Good to see the they are looking out for the poor billionaires

Those looking to purchase yachts can rest knowing that the folks in Albany are thinking of them.

A version of New York’s state budget includes a major sales-tax exemption on yacht purchases. That means those who pony up for boats over $230,000 would only pay taxes on the first $230,000, regardless of how much higher the price of the yacht climbs.

As Capital New York notes, the measure echoes one that appeared in the never-introduced and so-called “budget clean-up” bill that was being discussed last year.

Given that the measure might lubricate the yacht economy, VF.com reached out to both private and New York City docks and marinas to find out whether there are many vacant docks in the city. An employee who answered the phone at the Parks Department said there’s a “five- or six-year waiting list” for permanent docks at Manhattan’s Riverside Park marina.

http://www.vanityfai.....-exemption