A. Receipts from the sale of or from maintaining, refurbishing, remodeling or otherwise modifying a commercial or military carrier over ten thousand pounds gross landing weight may be deducted from gross receipts.
B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department.
C. The department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers approved by the department to receive the deduction, the aggregate amount of deductions approved and any other information necessary to evaluate the effectiveness of the deduction. Beginning in 2019 and every five years thereafter that the deduction is in effect, the department shall compile and present the annual reports to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the effectiveness and cost of the deduction.
History: Laws 2000 (2nd S.S.), ch. 4, § 2; 2005, ch. 104, § 24; 2014, ch. 8, § 1.
ANNOTATIONSThe 2014 amendment, effective July 1, 2014, provided a deduction from gross receipts for sales of commercial and military carriers; required taxpayers to separately report the amount of the deduction; required the taxation and revenue department to compile annual reports; in the catchline, after "aircraft" added "sales and", and after "services", added "; reporting requirements"; in Subsection A, after "Receipts", added "from the sale of or"; and added Subsections B and C.
The 2005 amendment, effective July 1, 2005, provided a credit for receipts from maintaining refurbishing, remodeling or otherwise modifying a commercial or military carrier over ten thousand pounds gross landing weight.