Larkin Bill To Exempt Private Aircraft Bought In NYS From Sales And Use Taxes Passes Senate
Senator Bill Larkin (R-C, Cornwall-on-Hudson) today announced the State Senate has passed legislation he sponsored (S.425) which would provide several sales and use tax exemptions on certain small planes purchased in New York State.
"Airports are major economic engines that fuel growth in the communities they serve," said Senator Larkin. "The aviation industry contributes nearly $36 billion to our economy here in New York. We have hundreds of general aviation airports throughout the state. These airports provide services such as charter flights for businesses, quick access for medical emergencies, law enforcement needs, flight training, and tourism and recreational flying. This bill will help strengthen this important industry to the state and make New York competitive with other states that already exempt the sales and use taxes on these aircraft."
Larkin noted that Connecticut, Massachusetts, New Jersey and New Hampshire are a few of the regional states that exempt aviation sales and use taxes.
He said that exempting taxes on the purchase of general aviation aircraft would encourage existing aircraft maintenance facilities to expand their operations and motivate other companies that service the aircraft industry to look to New York to locate or relocate their operations here. In addition, it would lead to more available aviation services which would reduce costs for the businesses that use them. "Providing more aviation services right here in New York would lead to countless other business and economic benefits," said the senator.
Over 300,000 New York residents are employed either directly or indirectly by airports. These jobs pay nearly $12 billion in payroll on an annual basis. Airports and aviation industries pay over $2.7 billion in state and local taxes each year.
"Air service is critical to the economic well being of this state and to the traveling public," said Larkin. "We should do everything we can to support this very important industry."
The bill was sent to the Assembly.