Best Tax Attorneys in Roswell, GA

Colorado Department of Revenue has updated general guidance regarding the sales and use tax treatment of aircraft and aircraft parts, including exemptions and leases. On-demand operators do not qualify as commercial airlines, for the purpose of the exemption for commercial aircraft used in interstate commerce, because their flights are not regularly scheduled. With regard to the exemption for sales of a new or used aircraft to nonresidents for use outside of Colorado, clarification is provided that, to qualify for the exemption, the aircraft must be sold and removed from the state within the longer of 120 days after the date of the sale; or 30 days after the completion of maintenance, interior refurbishment, paint, or engine work associated with the sale of the aircraft. If the lease term for an aircraft is 36 months or less and the lessor has paid Colorado sales or use tax on the acquisition of the leased property, the lease payments are tax-exempt. However, the lessor may request permission to collect sales tax on all lease payments. Lastly, under certain conditions, qualifying farm equipment, such as aircraft that is designed or adapted for agricultural use, is exempt from state and state-administered special sales and use taxes.