- Governor J.B Pritzker signed S.B. 1963, which provides tax exemptions for aircraft parts in Illinois.
- The expiration date for the exemption was extended to December 31, 2029.
- The exemption applies to most components needed for airplanes, including cosmetic and repair/replacement parts.
- Starting January 1, 2024, the exemption also applies to supplies used in engines and power plants.
- To claim the exemption, the purchaser must work on aircraft, hold an Air Agency Certificate, and operate a Federal Aviation Agency repair station with a Class IV rating.
- The exemption also applies to those who work on aircraft engines or power plants, even without the other certifications.
- Taxpayers in Illinois who are in the aircraft repair business or work on airplane engines or power plants should ensure they have the correct certifications and organized records to claim the exemption.
Source: salestaxinstitute.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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