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You are here: Home / YouTube / Youtube Sales Tax / I recently purchased an aircraft. What state tax laws should I be aware of?

Written by jonl

I recently purchased an aircraft. What state tax laws should I be aware of?


 

Transcript:

The time for tax planning is before you complete a transaction. Nearly all states have sales tax and nearly all impose tax on aircraft the same as they would on any other merchandise. This means tax of 6% – 10% depending on location can easily apply. Fortunately, many states have so-called “fly away exemptions” that avoid sales tax for planes purchased just to be removed from the state. With advanced planning, most transactions can be tailored to meet such an exemption. Use tax, which mirrors sales tax, must also be planned for and applies in the state where the plane is used as opposed to where it was purchased. Use tax planning happens on a case-by-case and state-by-state basis requiring the matching up of the particular facts of a given aircraft with the exact state laws. There is no one size fits all solution.

Filed Under: Youtube Sales Tax

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Advocate Consulting Legal Group, PLLC. 3555 Kraft Rd. Suite 240 Naples, FL 34105 and 1300 N. Westshore Blvd. Suite 220 Tampa, FL 33607. Suzanne Meiners-Levy, Esq. (239) 213-0066. Tax Disclosure. We inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under federal tax laws, specifically including the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Privacy Policy. Terms of Use.