FL S0858

Defines "fractional aircraft ownership program" as a program meeting federal requirements (14 C.F.R part 91, subpart K) with a minimum of 25 aircraft owned or leased by the program manager.

Exempts from sales tax the sale or use of aircraft primarily used in fractional aircraft ownership programs, including parts and labor for maintenance, repair, and overhaul of such aircraft.

Requires program managers to provide dealers with a certificate to claim the aircraft exemption, with option to keep certificate on file for continuous exempt purchases.

Caps the maximum tax on fractional ownership interest sales at $300, including any discretionary sales surtax, applied to total consideration including monthly management or maintenance fees.

Takes effect July 1, 2010.