Arkansas Amends Certain Aircraft Sale for Resale Sales and Use Tax Exemption

The Arkansas Governor signed a law amending an aircraft sales and use tax resale exemption. The law includes: 1) allowing businesses selling aircraft to purchase aircraft for resale, exempt from sales and use tax, and use the aircraft for rental or charter service for up to one year without payment of sales or use tax; 2) defining the “business of selling aircraft” to mean the purchase of aircraft for stock in trade and the management of aircraft inventory for the primary purpose of generating a profit from the resale of aircraft to customers; and 3) imposing an annual aircraft revenue ...