Text: S05589 Text: S05591 Text: S05500 - S05599 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 2409 as follows:
1 2 #1. Page 1, by inserting after line 13 the
1 3 following:
1 4 "Sec. ___. Section 422.45, Code Supplement 1997,
1 5 is amended by adding the following new subsection:
1 6 NEW SUBSECTION. 52. The gross receipts from the
1 7 sale of aircraft to an aircraft dealer who in turn
1 8 rents or leases the aircraft if all of the following
1 9 apply:
1 10 a. The aircraft is kept in the inventory of the
1 11 dealer for sale at all times.
1 12 b. The dealer reserves the right to immediately
1 13 take the aircraft from the renter or lessee when a
1 14 buyer is found.
1 15 c. The renter or lessee is aware that the dealer
1 16 will immediately take the aircraft when a buyer is
1 17 found.
1 18 If an aircraft exempt under this subsection is used
1 19 for any purpose other than leasing or renting, or the
1 20 conditions in paragraphs "a", "b", and "c" are not
1 21 continuously met, the dealer claiming the exemption
1 22 under this subsection is liable for the tax that would
1 23 have been due except for this subsection. The tax
1 24 shall be computed upon the original purchase price."
1 25
1 26
1 27
1 28 ALLEN BORLAUG
1 29 SF 2409.201 77
1 30 mg/jl/28
Text: S05589 Text: S05591 Text: S05500 - S05599 Text: S Index Bills and Amendments: General Index Bill History: General Index
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