This bill amends section 77-2704.28 of the Reissue Revised Statutes of Nebraska to provide a sales and use tax exemption specifically for the purchase of aircraft intended for lease between related companies. The new legal language specifies that leases between subsidiaries and parent companies, as well as between brother-sister companies, will not be subject to sales and use tax if certain conditions are met. These conditions include that the annual gross receipts from leasing the aircraft must be at least 7.5% of the net acquisition price, and that sales tax must be collected and remitted on the lease payments.

The bill also establishes an operative date of October 1, 2026, and repeals the original section 77-2704.28. The inclusion of the new provisions aims to encourage the leasing of aircraft among related entities by alleviating the tax burden associated with such transactions.

Statutes affected:
Introduced: 77-2704.28