Senate Bill No. 240 Summary

• Extends the sales and use tax exemption for aircraft repair and maintenance to all retail merchants, removing the Federal Aviation Administration repair station certificate requirement
• Exempts tangible personal property (materials, parts, equipment, and engines) used, consumed, or installed in aircraft repair, maintenance, refurbishment, remodeling, or remanufacturing from state gross retail tax
• Amends Indiana Code 6-2.5-5-46 by striking the requirement that retail merchants possess a valid FAA repair station certificate under 14 CFR 145
• Takes effect July 1, 2014
• Referred to Committee on Tax and Fiscal Policy on January 9, 2014