SB 1280

Abstract

Creates the Aviation Fuel Excise Tax Act. Provides that, beginning on July 1, 2015, a tax is imposed upon the privilege of engaging in the business of selling aviation fuel at the rate of $0.10 per gallon of such aviation fuel sold in the State. Provides that moneys received by the Department under the Act shall be deposited into the Aviation Fuel Tax Fund. Provides that moneys in the Fund shall be used only for airport related purposes, as required by the Federal Aviation Administration on proceeds from aviation fuels at airports that receive federal assistance. Amends the State Finance Act to create the Fund. Provides that aviation fuel is exempt from the taxes imposed under the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers' Occupation Tax Act, and the Motor Fuel Tax Law. Amends those Tax Acts to make conforming changes. Makes changes concerning an exemption for materials, parts, equipment, components, and furnishings incorporated into or upon an aircraft as part of the modification, refurbishment, completion, replacement, repair, or maintenance of the aircraft. Effective immediately.