New York S09911 amends the tax law to impose sales and compensating use taxes on certain aircraft and repeals the exemption for general aviation.

New York S09911 amends the tax law to impose sales and compensating use taxes on certain aircraft, specifically those with less than twenty passengers and a maximum capacity of less than six thousand pounds. The bill repeals the exemption from sales and compensating use taxes for general aviation aircraft and machinery or equipment installed on such aircraft. This change affects the taxation of aircraft leases and transfers within the state, ensuring that taxes are applied based on the current market value of the aircraft at the time of transfer, distribution, or contribution.

New York S09911 amends the tax law to impose sales and compensating use taxes on certain aircraft and repeals the exemption for general aviation.

New York S09911 amends the tax law to impose sales and compensating use taxes on certain aircraft, specifically those with less than twenty passengers and a maximum capacity of less than six thousand pounds. The bill repeals the exemption from sales and compensating use taxes for general aviation aircraft and machinery or equipment installed on such aircraft. This change affects the taxation of aircraft leases and transfers within the state, ensuring that taxes are applied based on the current market value of the aircraft at the time of transfer, distribution, or contribution.