2025 SESSION

INTRODUCED

25104709D

HOUSE BILL NO. 2703

Offered January 16, 2025

A BILL to amend and reenact § 58.1-1504 of the Code of Virginia, relating to Virginia Aircraft Sales and Use Tax Act; credit for tax paid on aircraft purchased from broker for noncommercial use.

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Patron—Taylor

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Referred to Committee on Finance

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Be it enacted by the General Assembly of Virginia:

1. That § 58.1-1504 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-1504. Credit against tax.

A credit shall be granted against the tax imposed by this chapter with respect to a person's use in this the Commonwealth of an aircraft purchased by him from any broker for noncommercial use, purchased by him in another state, or assembled by him from component parts on which Virginia retail sales or use tax was paid. The amount of the credit shall be equal to (i) the tax paid by him to (a) any broker if such aircraft was purchased for noncommercial use or (b) another state by reason of the imposition of a similar tax on his purchase or use of the property or (ii) the amount of Virginia retail sales and use tax paid on the component parts of such assembled aircraft. The amount of the credit shall not exceed the tax imposed by this chapter.

For purposes of this section, the term "broker" means any person not included in the term "air carrier" as defined in § 5.1-89 and not a bona fide employee or agent of any such carrier who, as principal or agent, sells or offers for sale any transportation subject to Chapter 9 (§ 5.1-89 et seq.) of Title 5.1 or negotiates for, or holds himself out by solicitation, advertisement, or otherwise as one who sells, provides, furnishes, contracts, or arranges for, such transportation.