Thu, Dec 08, 2011
Newsday Calls For Changes In The State Tax Code To Make
Ownership Less Expensive
An editorial published in the New York publication
Newsday calls for the state's legislature to support a
bill which exempts private aircraft from a tax when they are moved
to New York from another state.
The bill passed the State Senate in July. In the editorial, the
paper indicates that the tax imposed on airplanes bought outside
New York but moved there permanently is based on the market value
of the airplane rather than the purchase price. Buyers pay a sales
tax based on the purchase price when the plane is purchased in
state. The tax brings between $3 and $15 million to the state per
year, which Newsday calls "small potatoes."
Because there is no sales tax on private airplanes in
neighboring states such as Connecticut, that's where the planes,
and the revenue and business they generate, are kept, according to
The editorial writers say exempting the planes from sales taxes
is the logical next step after the New York legislature cut the tax
on aircraft maintenance.
The bill has yet to pass the New York State Assembly.
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