Senate Bill (H)

Co-Authored by

DIGEST

Aircraft license excise tax. Eliminates the provision in current law that automatically reclassifies an aircraft in an aircraft dealer's inventory from the status of "aircraft inventory" to the status of "property of a nondealer" after the aircraft dealer has held the aircraft in inventory for 18 months. Provides that a dealer who has had an aircraft reclassified out of the dealer's aircraft inventory because of the provision may: (1) elect to return the aircraft to the dealer's aircraft inventory; and (2) obtain a refund of the registration fees and sales or use taxes that were required to be paid when Aircraft license excise tax. Eliminates the provision in current law that automatically reclassifies an aircraft in an aircraft dealer's inventory from the status of "aircraft inventory" to the status of "property of a nondealer" after the aircraft dealer has held the aircraft in inventory for 18 months. Provides that a dealer who has had an aircraft reclassified out of the dealer's aircraft inventory because of the provision may: (1) elect to return the aircraft to the dealer's aircraft inventory; and (2) obtain a refund of the registration fees and sales or use taxes that were required to be paid when the statutory reclassification occurred (including any penalties and interest), if paid within the previous three years. ... View more