take to the sea!

New York Budget Gives Tax Breaks to Those Who Need It: The Owners of Yachts and Planes

Luxury yacht in front of World Financial Center, NYC
Photo: travelif/Getty Images

The final state budget is out, and it includes a surprise tax break for those hoping to buy a yacht that costs more than $230,000. There is also a sales-tax break for private planes in the spending deal. “The justification for that is it creates jobs,” explained Senate Republican Leader Dean Skelos. “It makes New York State more competitive.” The Times Union noted that “Skelos did not answer when asked what states New York was losing luxury-yacht jobs to.” He did answer a question about the lack of a minimum-wage increase in the budget: “My position is with the minimum wage let’s look at the economic impact, is it really going to create jobs?”

NY Budget Gives Tax Breaks to Those Who Need It