Aircraft, aircraft engines and component parts of aircraft. [Effective through December 31, 2005.] There are exempted from the taxes imposed by this chapter the gross receipts from the sale, and the storage, use or other consumption in this State of:
1. Aircraft, aircraft engines and component parts of aircraft or aircraft engines which are manufactured exclusively for use in aircraft, sold or purchased for lease to a commercial air carrier for use in the transportation of persons or property in intrastate, interstate or foreign commerce pursuant to a certificate or license issued to the air carrier authorizing such transportation; and
2. Machinery, tools and other equipment and parts which are used exclusively in the repair, remodeling or maintenance of aircraft, aircraft engines or component parts of aircraft or aircraft engines which meet the requirements of subsection 1.
Last modified: February 27, 2006