HB2646 Summary

• Amends aircraft license tax calculation to cap annual percentage changes in fair market value to match the annual percentage change in the consumer price index published by the U.S. Department of Labor.

• Benchmarks the average fair market value of aircraft to 2019 levels in fiscal year 2021-2022 and thereafter.

• Maintains minimum annual license tax of $20 for a full year of aircraft registration.

• Provides a one-time registration fee credit in fiscal year 2022-2023 for persons who paid higher taxes before this act's effective date based on fair market values exceeding the consumer price index adjustment cap.