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IN HB1413
Bill
Status
4/30/2015
Primary Sponsor
Mike Speedy
Click for details
AI Summary
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Amends aircraft dealer inventory rules to remove the automatic 180-day reclassification requirement, instead requiring aircraft with more than 50 hours of annual flight time to be reclassified as nondealer property effective July 1, 2015.
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Requires registration fees and applicable taxes to be due 31 days after aircraft exceed 50 hours of annual service time or improper use begins, with immediate revocation of dealer certificate possible for non-compliance.
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Allows dealers to reclassify aircraft that were improperly reclassified before July 1, 2015, and provides credits or refunds for taxes, registration fees, penalties, and interest paid on those aircraft.
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Increases aircraft liability insurance requirements from $10,000-$20,000 to $100,000-$200,000 for bodily injury and death coverage effective July 1, 2015.
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Clarifies that aircraft operated in flight are subject to operation rules regardless of inventory status, and limits owner liability unless owner engages in negligent conduct, has agency relationship with operator, or liability is based on respondeat superior doctrine.
Legislative Description
Aircraft. Removes the automatic reclassification of an aircraft in an aircraft dealer's inventory from the status of "aircraft inventory" to the status of "property of a nondealer" after 180 days. Provides that an airplane that has total time in service exceeding 50 hours in a year is no longer considered an aircraft in inventory and requires the sales and use sales tax to be paid. Provides that a dealer who has had an aircraft reclassified out of the dealer's aircraft inventory because of the 180 day provision may: (1) elect to return an aircraft to the dealer's aircraft inventory if
Last Action
Public Law 102
4/30/2015