HB63 Summary

• Proposes a constitutional amendment to Amendment No. 373 (Section 217) to reclassify privately owned, noncommercial aircraft as Class IV property for ad valorem tax purposes.

• Reduces the tax rate on privately owned, noncommercial aircraft from 20 percent to 15 percent by moving them from their current classification to Class IV, which applies to private passenger automobiles and pickup trucks.

• Defines eligible aircraft as those privately owned by individuals or groups, used exclusively for personal pleasure, display, or use in aircraft shows without compensation, and not used for business purposes or to transport passengers or cargo for a fee.

• Requires voter approval through a statewide election conducted in accordance with Alabama Constitution Sections 284 and 285 before the amendment becomes effective.

• Ballot language describes the amendment as proposing to include privately owned, noncommercial aircraft within Class IV and tax them at a lower rate.