A new law based on AOPA-backed legislation to broaden economic development and stimulate the Nevada aviation sector gives businesses and potential aviation entrepreneurs the opportunity to seek tax abatements on aircraft and components.
Gov. Brian Sandoval signed Nevada Assembly Bill 161 in June. Its enactment should lower the cost of flying and give aviation businesses a competitive edge by allowing qualified parties to seek abatements of personal property taxes imposed on aircraft, and on personal property used to "own, operate, manufacture, service, maintain, test, repair, overhaul or assemble an aircraft or any component of an aircraft."
Also eligible for abatement under the law are local sales and use taxes pertaining to property purchased in connection with the repair and overhaul activities covered.
Applications for tax abatements are to be made to the state Office of Economic Development.
Several companies, including Reno, Nevada-based Dassault Aircraft Services; Apex Aviation of Henderson; and Air Methods Corp. of Las Vegas have received approval for some abatements, said Melissa McCaffrey, AOPA Western/Pacific regional manager.
"AOPA supported this bill actively with members of the Legislature because it will bring businesses and jobs to the state," she said. "This bill offers direct benefits to our members who own aviation businesses in Nevada."