New York S03856 amends the tax law to impose sales and compensating use taxes on certain aircraft and repeals the exemption for general aviation.

New York S03856 amends the tax law to impose sales and compensating use taxes on certain aircraft. It repeals the exemption from sales and compensating use taxes for general aviation aircraft and machinery or equipment to be installed on such aircraft. The bill specifies that sales or compensating use tax will be imposed on transfers, distributions, or contributions of aircraft or vessels, except for certain noncommercial aircraft. It also allows for refunds or credits for sales or use tax paid on the seller's purchase or use of the aircraft or vessel. The changes take effect June 1, 2025.

New York S03856 amends the tax law to impose sales and compensating use taxes on certain aircraft and repeals the exemption for general aviation.

New York S03856 amends the tax law to impose sales and compensating use taxes on certain aircraft. It repeals the exemption from sales and compensating use taxes for general aviation aircraft and machinery or equipment to be installed on such aircraft. The bill specifies that sales or compensating use tax will be imposed on transfers, distributions, or contributions of aircraft or vessels, except for certain noncommercial aircraft. It also allows for refunds or credits for sales or use tax paid on the seller's purchase or use of the aircraft or vessel. The changes take effect June 1, 2025.