CA AB2688

Revises the definition of "air taxi" to mean aircraft used by air carriers with maximum passenger capacity not exceeding 60 seats or maximum payload capacity not exceeding 18,000 pounds, and which holds a certificate of public convenience and necessity or other economic authority from the U.S. Department of Transportation.

Air taxis operated in scheduled operations are assessed using the allocation formula in Section 1152 rather than under Part 10 of the Revenue and Taxation Code.

All other air taxis are assessed in the county where the aircraft is habitually situated using the same method and ratio as other personal property subject to general property taxation.

Eliminates the requirement that retailers and lenders file an election form with the State Board of Equalization before claiming a deduction or refund for worthless and written-off accounts; instead requires the election form to be prepared and retained by both parties.

Applies the same worthless account deduction and refund procedures to both sales tax (Section 6055) and use tax (Section 6203.5) provisions.