As Capital New York notes, the measure echoes one that appeared in the never-introduced and so-called a€?budget clean-upa€? bill that was being discussed last year. In lower Manhattan, a picturesque marina in Battery Park City is privately operated by Brookfield Property Partners, the company that has worked to create a family-friendly indoor mall and food court in the area. Andrew Farkas, a billionaire who owns both Island Global Yachting and Island Capital Group, happens to have a long history with New York governor Andrew Cuomo.
The current yacht sales-tax carve-out wasna€™t included in Cuomoa€™s original budget, but originated in both houses of the state legislature.
Critics point out the obvious: New Yorkers in a position to purchase a $230,000 yacht probably dona€™t need government exemptions.
New York Senate majority leader Dean Skelos defended the bill as a job-creating measure, saying that it would benefit everyone from yacht owners to marina owners and operators. In 2015, the Texas Legislature passed House Bill 855, which requires state agencies to publish a list of the three most commonly used Web browsers on their websites.
Florida has been losing boat sales and service revenue to other states and countries who offer more favorable sales tax treatment. Founded in 1987, the Florida Yacht Brokers Association (FYBA) has grown to become one of the world’s largest organizations of professionals engaged in the practice of selling and buying boats and yachts of all sizes and types. The Marine Industries Association of South Florida is a not-for-profit trade organization created to promote and protect the sound growth of the marine industry in South Florida for the benefit and education of its members, the community and the environment. Earlier this year, a law was passed that caps the sales tax paid on yacht repair at $60,000. For every large yacht repair project a whole host of craftsmen are brought in such as carpenters, electricians, welders, plumbers, etc.


Earlier this year, New York State placed a cap on its boat sales tax to better compete with Florida.
The Marine Industries Association of South Florida is hoping to see a similar boost from the cap in yacht repair services. Florida has long been a leader in aviation repairs, and one reason is the tax exemption on engines, parts, equipment and labor used in service and repair of larger aircraft.
The new law basically means that for any repairs totaling over $1 million, the state’s 6% sales tax does not apply.
The new tax law should keep Florida boat yards in the hunt when compared to domestic and international competition. An employee who answered the phone at the Parks Department said therea€™s a a€?five- or six-year waiting lista€? for permanent docks at Manhattana€™s Riverside Park marina. A decade ago, Cuomo was an employee at Island Capital Group, where he made more than $1 million a year advising Farkas, according to The Wall Street Journal.
It landed in the final budget, meaning that, at the least, Cuomo wasna€™t too heavily opposed to the measure.
This isna€™t the first time the yacht industry, which, like many luxury markets, took a hit during the recession, has been positioned as a world of benevolence.
The Texas Comptrollera€™s most commonly used Web browsers are Microsoft Internet Explorer, Google Chrome and Apple Safari.
The Boat Sales Tax Cap limits the 6-percent Florida state sales tax on a boat purchase to $18,000, helping Florida to save marine industry jobs and, ultimately, increase sales tax revenue. FYBA serves as a united voice for Florida boat brokers in the state’s legislative and regulatory processes, as well as providing ongoing education for its members.


The global yacht repair marketplace is highly competitive, and this new legislation makes South Florida even more attractive to boat owners.
Plus, tertiary services like food services will also benefit from the potential increase in business. In 2010, Florida passed a law limiting sales tax on boats at $18,000 — or the first $300,000 of the price. In 2013, the state expanded that exemption to small planes making Florida a leading center for all types of aircraft repairs.
That means those who pony up for boats over $230,000 would only pay taxes on the first $230,000, regardless of how much higher the price of the yacht climbs. Farkas served as Cuomoa€™s finance chairman for both of his gubernatorial races, and Farkas and related parties have donated more than $1 million to Cuomoa€™s political efforts, Craina€™s New York reported. According to industry studies, this move increased boat sales, and it boosted tax revenue on boats sold in Florida. A spokeswoman for Brookfield told Capital New York the measure would not impact Brookfielda€™s business.



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