MO SB740

Extends the aviation jet fuel sales tax exemption for common carriers in interstate air transportation through December 31, 2023 (previously set to expire December 31, 2013).

Exempts sales and use of aviation jet fuel from state and local sales taxes up to a maximum aggregate amount of $1.5 million per calendar year for qualifying common carriers.

Allows common carriers to enter into direct-pay agreements with the Department of Revenue to pay applicable sales and use taxes directly, with provisions for refunds of excess taxes collected.

Deposits all aviation jet fuel sales and use tax revenues to the Aviation Trust Fund, capped at $10 million per calendar year.

Expands the authorized uses of Aviation Trust Fund monies to include airport business plans and strategic plans at existing airports, in addition to previously authorized airport development and safety improvements.