Fiscal Note
SB0157 - Property Taxation of Aircraft
State Impact:
The provisions of this bill change the way certain air charter service providers pay their taxes. Instead of paying property tax through central assessment, these companies will be paying a registration fee of 0.0025 of the average wholesale value of an aircraft that is owned by a person other than the air charter service provider. Because of the switch, enactment of this bill will increase revenue to the Transportation Fund Aeronautics Restricted Account by $126,000.
| Funding Source | FY 2009 Approp. | FY 2010 Approp. | FY 2011 Approp. | FY 2009 Revenue | FY 2010 Revenue | FY 2011 Revenue |
| Transportation Fund Restricted | $0 | $0 | $0 | $0 | $126,000 | $126,000 |
| Total | $0 | $0 | $0 | $0 | $126,000 | $126,000 |
Individual, Business and/or Local Impact:
Enactment of this bill will shift $10,300,00 in taxable value from companies that provide air charter service to other businesses and individuals. On a $250,000 home, the average property tax increase would be $0.03. On a $1,000,000 business, the average property tax increase would be $2.00. Local revenue could increase by $375 through a $25 per plane fee.
| 2/10/2009, 11:49:44 AM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |