New York Passes Special Tax Break For 1%ers Buying Yachts Costing More Than $230,000.00

New York passes a special tax break just for people buying really expensive yachts. "New York’s new budget bill includes an obscure provision, tucked inside section SS, exempting the portion of a boat’s price above $230,000 from the sales tax. That’s about four times as much as the median family in the state earns in a year. ... There are almost half a million boats already registered in New York. This tax break isn’t aimed at any of them. Instead, it targets the tiny sliver of sales each year in which the most expensive luxury yachts change hands. To dodge state and local sales taxes, their owners set up offshore shell companies, registering their boats in Caribbean islands. So the tax break is aimed at luring these wealthy individuals into registering their boats in New York." The Atlantic