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AR HB1478
Bill
Status
Failed
5/1/2023
Primary Sponsor
Les Eaves
Click for details
AI Summary
- Amends Arkansas Code § 26-52-401(28) to modify the sales and use tax exemption for parts and tangible personal property incorporated into commercial jet aircraft and aircraft components
- Changes the definition of "commercial jet aircraft" from "commercial jet" to "commercial jet turbine engine aircraft" to clarify the aircraft type covered by the exemption
- Expands the exemption to apply to aircraft with a certified maximum take-off weight of 12,500 lbs. or more, regardless of actual weight, and aircraft operating under 14 C.F.R. Parts 135 and 137 as of January 1, 2023, or operating for any business purpose
- Includes exemptions for services required to incorporate parts or property into commercial jet turbine engine aircraft components or subcomponents
- Becomes effective on the first day of the calendar quarter following the date the act is enacted
Legislative Description
To Amend The Sales And Use Tax Exemption For Commercial Jet Aircraft.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2023
Committee Referrals
Revenue and Taxation2/21/2023
Full Bill Text
No bill text available