Senator Kenneth P. LaValle has gained the support of the Legislature on several measures he sponsored offering tax relief to residents and businesses. The measures passed in the Senate would provide for manufactured homes to be assessed separately from leased land and exempt first-time homebuyers in East Hampton, Southampton, and Shelter Island from the Community Preservation Fund (CPF) real estate transfer tax. The bills passing both houses would provide commercial fisherman a motor fuel tax exemption and exempt ferry boats and property used by ferry boats from tax on retail sales.
"These measures provide significant tax savings for the affected parties," said Senator LaValle. "We are experiencing tough economic times and anything we can do to ease the burden of living and working on Long Island will be a help to our residents and communities."
Under the bills sponsored by Senator LaValle:
The system for assessment and taxation of manufactured homes on leased land would be restructured to provide real property tax equity for homeowners. The bill allows for manufactured homes to be assessed separately from the land, unless both are owned by the same party. This bill passed the Senate and awaits Assembly action.
First-time homebuyers purchasing primary residential property in the towns of East Hampton, Southampton, and Shelter Island and meeting certain eligibility requirements would be exempt from the Community Preservation Fund real estate transfer tax. This measure would provide considerable savings for the new homeowner. This bill passed the Senate and awaits Assembly action.
Commercial fisherman would no longer be subject to the ten-cent diesel excise tax or state sales tax on diesel motor fuel used to operate their fishing vessels. This measure would relieve commercial fisherman of the current costly and burdensome reimbursement process. This bill has passed both houses and awaits the Governor’s approval.
Ferry boats and property used by ferry boats whose rates are regulated by a county in which the service is provided would be exempt from sales and compensating use taxes. This savings would help prevent an increase in rates and provide significant savings for the ferry company. This bill has passed both houses and awaits the Governor’s approval.
"The measures I sponsored are designed to relieve people of financial burdens and boost our local economies," concluded Senator LaValle.
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