Latest news with #Shevlin
CNBC
14-07-2025
- Business
- CNBC
Tax cuts for private jet buyers expected to lead to surge in sales
The new federal spending bill is expected to boost sales of private jets, as owners take advantage of faster write-offs of the purchase price. Jet brokers and advisors said they've seen a burst of activity from clients who were holding off on purchases until the bill was signed. Among its many new tax provisions is the reinstatement of "bonus depreciation," which allows businesses to immediately write off 100% of the purchase price of capital equipment, including private jets. Individuals, who typically own a jet through their private business or holding company, can now write off the entire cost of a new or used jet in the first year of ownership for any plane placed into service in or after Jan. 19, 2025. The tax benefit only applies to business jets, not jets used for personal use. It revives a provision of the 2017 tax cuts and replaces the current phased-out depreciation percentages of 60% in 2024 and 40% in 2025. "We've had a number of owners who were looking to upgrade and have been waiting for this," said Barry Shevlin, CEO of FlyUSA, the aviation solutions company. "And I have at least a half-dozen others who are looking to buy after this was passed." The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today. The tax stimulus comes at just the right time for the private jet industry, which has seen a slowdown in growth from its feverish pitch in 2020 and 2021. The industry saw a surge in new owners, charter fliers and fractional owners after Covid, but many of the wealthy who bought planes then for the first time have started selling them or moving to fractional ownership due to higher-than expected maintenance and pilot costs. The number of pre-owned business jets for sale increased to an average monthly rate of over 1,800 in the first half, according to JetNet. That's up from 1,744 in the first half of 2024. The average time on market has also increased, to 418 days from 386 days, the data firm said. "During Covid, a lot of the people who bought planes didn't know what they were getting into," Shevlin said. "They were shocked by what it cost and what it involved." Philip Rushton, founder and president of Aviatrade, said there are now around 23 to 25 Gulfstream G650ERs on the market, which is slightly higher than usual. "It's certainly normalized after Covid," he said. The big rush to buy private jets, however, may not start until the fall. Brokers said private jet purchases typically spike at the end of the year, when companies and individuals are finalizing their tax bills. Matt Walter, managing partner at Guardian Jet, said the ultra-wealthy won't decide to buy a plane just because of a tax change. "But it certainly helps that decision," he said. "If you planned to upgrade your plane in 12 months, maybe you do it in six months instead." He said he's advising clients to buy before September but sell after September, because demand will likely surge in the fall. "You want to buy before it gets crazy," he said. "After September, you're going to be competing with other buyers and also competing for inspection slots. In a heated market, everyone is going to be trying to do the same thing and trying to find inspection slots."
New York Post
15-06-2025
- Health
- New York Post
Nassau PBA-backed bill to curb cop suicides finally passes after after string of deaths on Long Island
After years of mounting tragedies and stalled legislative efforts, New York lawmakers have passed a 'game changing' bill aimed at tackling the growing mental health crisis among law enforcement officers. In a rare show of bipartisan unity, the bill, introduced in 2019 by Long Island Assemblywoman Judy Griffin and championed by Nassau PBA President Tommy Shevlin, unanimously passed both chambers of the state legislature. 3 New York is currently on pace to double last year's number of police suicides. Kyle Mazza/NurPhoto/Shutterstock The Lt. Joseph Banish Mental Health Act — named after a State Trooper who killed himself — aims to combat police suicides by establishing a new statewide counseling program that creates a confidential, peer-to-peer support network of trained officers to help their peers before it's too late. Advertisement 'This is a game changer in our battle to stop this epidemic of police suicides and to allow us to get the help we need,' Shevlin told The Post. 'This legislation will save lives. The quiet epidemic has hit Long Island particularly hard, with more than half of the state's nine confirmed police suicides so far this year happening in Nassau County, according to Shevlin and Blue H.E.L.P., a nonprofit that tracks law enforcement suicides across the US. Shevlin explained that this legislation works similarly to Alcoholics Anonymous — giving struggling officers a peer support system with fellow cops, trained in mental health support, to talk to in confidence without fear of judgment, stigma or career repercussions. Advertisement 3 Long Island Assemblywoman Judy Griffin introduced the bill to combat officer suicides in 2019. nyassembly He said having this support system readily available will help destigmatize the conversation of mental health in law enforcement, improve home life for struggling cops and even improve relations between officers and the communities they serve. 'When we're at work, we're able to put on a mask, and we're able to do our job. But when we go home, that's when the mask comes off and our families are the ones who suffer,' Shevlin said. 'Police officers deserve it, our families deserve it, and the communities we serve deserve to have healthy and happy police officers out there — it's a better product out on the street when their mind is clear and they're not struggling,' he added. Advertisement 3 Nassau PBA President Tommy Shevlin has championed the bill that would make more mental health services available to officers in distress. Nassau. County PBA/Facebook Just last month, the seventh officer of the year died by suicide in New York — an unidentified retired NYPD officer who had gone to Lido Beach, where he watched the sunrise as he took his own life in his car. Since that suicide in May, two more officers have taken their lives throughout the state, bringing the total to nine so far this year, and putting New York on track to nearly double last year's total of 13 police suicides if the current pace continues. Advertisement Although this is a great first step, Shevlin told The Post the battle for greater mental health resources is just beginning. 'I was crying when I watched them pass the bill because I know firsthand that this will save lives,' he said. 'Finally, people are listening and we have to continue that — not just in the police but for all first responders and the community.'
Agriland
23-05-2025
- Agriland
Court: Man who stole sheep and cut throat of pregnant ewe jailed
By Anne Lucey A 29-year old man who stole a sheep and also cut the throat of a pregnant ewe near Killarney in Co. Kerry has been handed down a 16-month sentence, with six months suspended. A victim impact statement by farmer Con O'Riordan at the Circuit Criminal Court in Tralee spoke of his horror and shock at what he came upon. The farmer, who had to pay the costs of the disposal of the animal, also said that the barbaric act has not left him. Richard Daroczi, previously of Ely O'Carroll Place, Nenagh, Co. Tipperary, and a Hungarian native, pleaded guilty to stealing 'a ewe sheep in lamb' worth €500, the property of Con O'Riordan on January 5 at Cummeenabrick, Clonkeen, Kerry. He also admitted causing unnecessary suffering to an animal under the Animal Health and Welfare Act, 2013. Daroczi was assisted by a Hungarian translator and represented by barrister Kate O'Connell, instructed by solicitor Eimear Griffin. Sheep In evidence, Garda Sergeant Nigel Shevlin said that Con O'Riordan is a sheep farmer living in Kilgarvan who has land at Cummeenabrick, Clonkeen. 'It's sheep country and there are no residential properties there,' he said. The court heard that the flock were in lamb. At 12.45p.m on January 5, Richard Daroczi pulled up at O'Brien's Filling Station and got fuel and drove off without paying, the garda outlined. That afternoon Con O'Riordan was on his land and he saw the accused with one of the sheep, which was a ewe in lamb. Daroczi said the sheep was his. He had cut the throat of the sheep. Gardaí were alerted and the accused had fled but his car was there. The ewe was identified by the tag, Sergeant Shevlin said. Two days later, entrails of another animal was found in the locality by neighbours. 'The accused man's car had been searched and meat was found, but that animal could not be identified as the tag had been removed,' Sergeant Shevlin added. The next day, a man met the accused at a filling station in Tralee and the accused offered to sell him a lamb. Sergeant Shevlin said that what the accused was doing was going to remote areas to take sheep and killing them to butcher them and then sell them on to members of the public. Farmer A victim impact statement was read by Sergeant Shevlin on behalf of Con O'Riordan, who was in court. The farmer told how he came 'across this man carrying a knife and he had an animal beside him and its throat was cut'. 'I was and am still shocked by this, I had never seen anything like it before and never wish to see it again. 'It was the sheer barbarity of it and his attitude when I met him. He didn't care at all, it was like he thought there was something wrong with me for caring. He showed no remorse.' 'The two ewes would have hardly come to €500 and to add insult to injury I had to pay another man €200 to remove the other sheep away to prevent them being butchered,' he said. O'Riordan said it had never struck him previously that such a thing could happen, but ' it was always in his head now this could happen again'. Katie O'Connell, defence barrister said her client 'is very apologetic' and that he had been homeless at the time. 'He never came to attention of gardaí for anything like this before. He seems to have just gone off the rails entirely. He was homeless at the time and trying to sell the sheep,' she said. Jail Judge Ronan Munro said that he understood why Con O'Riordan was shocked. He said the accused is entitled to credit for his plea of guilty, and sentenced him to a total of 16 months – 10 for the theft of the sheep; six for the cruelty, and the fuel theft was also taken into consideration. The final six months of the sentence has been suspended for three years. The sentence of 10 months was backdated to January 25. Richard Daroczi was ordered to stay away from Con O'Riordan's land and stay out of Kenmare and Kilgarvan.
Yahoo
13-05-2025
- Business
- Yahoo
JSDC board funds $1M for program to develop residential lots
May 13—JAMESTOWN — The Jamestown/Stutsman Development Corp. Board of Directors unanimously approved on Monday, May 12, funding $1 million for a program that would help develop infrastructure for residential lots. The program would be 100% funded by the city of Jamestown's economic development fund with Jamestown City Council approval. The JSDC board previously approved in March a forgivable loan of $1 million to the city of Jamestown that would have been used as matching dollars for the Housing for Opportunity, Mobility and Empowerment (HOME) grant program established by Senate Bill 2225. Senate Bill 2225 failed in the North Dakota Legislature. The HOME program would have provided grant dollars for one-third of the infrastructure costs for residential development projects. The local political subdivision and the developer of the residential lots would have each provided one-third of the costs for residential development projects. The JSDC is structuring the program similarly to the HOME grant program. The JSDC's program will fund 50% of the infrastructure costs for new residential development while the developer pays 50% of those costs. The $1 million allocated for the HOME grant program will go toward the JSDC's similar program. The same parameters for the HOME grant program will be used with the JSDC's program. A minimum of five residential lots would need to be developed and the agreements for residential lot development would be between the city of Jamestown and the developer. "I don't think it's prudent for us to be investing in single lots ... across town," Shevlin said. The program can only be used for residential projects within Jamestown city limits. Mayor Dwaine Heinrich, a member of the JSDC board, said residential lots are needed in Jamestown. "They have to be somewhat affordable or we have lots that nobody can afford," he said. Heinrich said the City Council will need to decide if the remaining portion of the developer's cost will be included in the lot sale so the purchaser of the lot will be buying it without any special assessments. He also said the intent of the program is to make the lots affordable for the community. "We just want to make sure that there are lots in the community for people who want to build a house," he said. In other business, the JSDC board unanimously approved seven internships for the organization's Internship Reimbursement Program. Six internships will be eligible for the maximum reimbursement of $3,500. One internship is eligible for $1,425 of reimbursement. The program contributes up to $3,500 to reimburse employers that hire university or college students to assist in payroll costs. The program allows employers to get half of the internship reimbursed. Employers are required to pay the intern at least $15 per hour. The employer and internship position must be located in Stutsman County. Interns must be juniors or seniors or within two years of completing their program.
Yahoo
06-05-2025
- Yahoo
Police suicide epidemic continues to grip Long Island as cops confirm body found on Nassau beach — believed to be retired NYPD officer
A retired NYPD officer appears to have taken his own life on Lido Beach Monday morning, a source tells The Post — the latest in an alarming number of law enforcement suicides on Long Island. Nassau County police confirmed they discovered a body on the Hempstead beach Monday, but have yet to identify the person or release many details about the incident. Cops admitted they believe the death was a suicide. A source close to the investigation said the male victim was a former New York City cop who came to the beach and fatally shot himself with a handgun during the early morning hours. 'Its a sad situation that we're not really looking to report on,' Nassau police told The Post. If an autopsy confirms the self-inflicted killing, it would mark the seventh police officer to commit suicide in New York state this year. At its current pace, the state is on track to see more than 20 police suicides by the end of 2025 — far surpassing 2024's total of 13. 'The numbers are alarming, which is why our mental health should be a priority,' Nassau County PBA President Tommy Shevlin told The Post. Just last month, Shevlin blew the whistle on police suicides across the state, with more than half now coming out of Long Island. 'We are in the midst of a quiet crisis,' Suffolk County PBA President Lou Civello previously said. In Suffolk, four officers took their own lives last year. Allfour of the Long Island police suicides this year have occurred in Nassau. 'The suicide rate among law enforcement is 60% higher than the average population,' Gov. Kathy Hochul acknowledged on X last year, in allocating $13 million toward mental health support for cops across the state. But the police union presidents believe more is needed, urging Albany to pass the Lt. Joseph Banish Mental Health Act that would create a mental health support program for officers. 'This legislation is not just necessary — it's long overdue,' Civello said.
