Nebraska LB757 exempts sales and use tax for aircraft purchases leased between related companies.
Nebraska LB757 amends the Reissue Revised Statutes of Nebraska to exempt sales and use tax for aircraft purchases leased between related companies. This includes leases between a subsidiary and its parent company, between subsidiaries of the same parent, or between brother-sister companies. The exemption applies if the annual gross receipts from leasing the aircraft are at least 7.5% of the net acquisition price. The act becomes operative on October 1, 2026, and repeals the original section 77-2704.28.
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