New York State Budget Deal Includes Tax Breaks For Yacht Buyers

NEW YORK (CBSNewYork) -- Lucky break for yacht buyers in New York: They would receive a tax break under the state's new budget agreement.

The measure would give a tax cut to anyone buying a luxury vessel over $230,000, WCBS 880's Marla Diamond reported.

Ronald Deutsch, director of the liberal-leaning Fiscal Policy Institute, calls it a "sad commentary on the priorities of Albany." He found the tax break hidden deep within the state budget agreement reached Monday.

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"They couldn't get together to pass a minimum-wage increase. They couldn't pass property tax relief for struggling homeowners," he said. "Yet somehow miraculously they can come together and agree that folks who are buying yachts really deserve a tax break."

Proponents say it will entice New Yorkers to buy their boats in state, creating more jobs and tax revenue.

The exemption also applies to buyers of small airplanes.

The budget must still be approved by both chambers of the Legislature.