tax break

Chris Nelson / via Flickr

State lawmakers have not yet finished the budget, but they are already getting blowback from a provision that would give a tax break to owners of luxury yachts.

The budget includes a sales tax break for purchases of boats worth more than $230,000, as well as for private airplanes. That angers Ron Deutsch, of Fiscal Policy Institute,  a union backed think tank that backs Gov. Andrew Cuomo’s plan to give a property tax break for middle and working class homeowners who pay too much of their income on taxes.

Ellen Abbott

The Onondaga County Industrial Development Agency (OCIDA) is getting to work on the latest request from the developer of Destiny USA for a tax break to build a 252-room hotel across the street from the mall.

Onondaga County Executive Joanie Mahoney says OCIDA needs to consider Canadian tourism before granting tax breaks to Destiny. Many of the out-of-town visitors to Destiny are Canadian and, with new duty-free Canadian rules, Mahoney says more visitors are coming to town for more than a day.

In Gov. Andrew Cuomo’s proposed budget, the state’s Industrial Development Agencies, or IDAs, would no longer be able to grant state sales tax exemptions for economic development projects. Instead, that authority will go to Cuomo's Regional Economic Development Councils.

The U.S. Senate is considering legislation that would attempt to boost the economic recovery by way of tax breaks for businesses. Senator Charles Schumer is a big booster of the bill.