Excise tax on inventory aircraft; assessment, reporting, remission
of tax, penalties, and interest; aircraft held other than for
inventory use
Sec. 10.7. (a) The aircraft excise tax shall be assessed on each
inventory aircraft held by a dealer on the last day of February.
(b) Each year a dealer shall submit to the department:
(1) an update of the list of known aircraft in inventory, which
the department may at its discretion supply; or
(2) a completed form 7695 for each inventory aircraft.
(c) The dealer shall compute the amount of aircraft excise tax due
and remit the full amount along with any forms prescribed by the
department.
(d) For aircraft deleted from the inventory list, the dealer shall
provide complete sale information and shall submit the applicable
information if directed to by the department.
(e) A dealer who fails to file and remit the excise tax due for all
inventory aircraft as required by the department is subject to the
penalty and interest provision of this chapter for each inventory
aircraft omitted.
(f) A dealer who holds aircraft for other than inventory use is
subject to the nondealer provisions contained in this chapter
regarding those specific aircraft.
As added by P.L.65-1997, SEC.17.
Last modified: May 28, 2006