Bill > S03874

This bill repeals two specific subdivisions related to sales and compensating use taxes on vessels, which were originally added in 2015. Specifically, the bill eliminates subdivision (jj) of section 1115 and subdivision 13 of section 1118 of the tax law, both of which pertained to taxation rules for vessels. By repealing these subdivisions, the bill effectively removes certain tax provisions that were previously in place for vessel sales and use. The repeal will take effect on June 1, 2025, giving advance notice to taxpayers and businesses about the change in tax treatment. While the bill does not provide detailed context about the original tax provisions, it suggests a legislative effort to modify existing tax regulations concerning vessels, potentially simplifying or adjusting the tax treatment for vessel transactions in New York State.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3874