Bill > S09911

This bill amends New York's tax law to impose sales and compensating use taxes on certain aircraft, specifically noncommercial aircraft with a seating capacity of less than twenty passengers and a maximum capacity of less than six thousand pounds, by including them in provisions that tax leases for one year or more as if the entire payment was due at the beginning of the lease. It also expands the definition of a retail sale to include aircraft, meaning that transfers, distributions, or contributions of aircraft will now be subject to sales tax, with specific rules for how that tax is calculated based on the seller's purchase price or the aircraft's current market value if owned for at least six months, and allows for refunds or credits for sales or use tax already paid on the aircraft. Furthermore, this bill repeals a provision that previously exempted general aviation aircraft and their parts from sales and compensating use taxes, effectively ending that exemption.