Personal Watercraft Insurance, Shopping for Yacht? New York Budget Offers a Tax Break
Of the thousands of items packed into Gov. Andrew M. Cuomo’s $150 billion budget for New York State, one in particular seemed to float to the top: a tax credit for buyers of luxury boats.
Though the word “yacht” is never used, the budget contains a tax break for anyone in the market for a “vessel” valued at more than $230,000. Specifically, buyers will not have to pay sales tax beyond that amount, regardless of the final price tag. A vessel is defined in state law as “every description of watercraft, other than a seaplane, used or capable of being used as a means of transportation on water
