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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