82.04.4339  <<  82.04.43391 >>   82.04.43392

DeductionsCommercial aircraft loan interest and fees. (Effective until January 1, 2020.)

(1) In computing tax there may be deducted from the measure of tax interest and fees on loans secured by commercial aircraft primarily used to provide routine air service and owned by:
(a) An air carrier, as defined in RCW 82.42.010, which is primarily engaged in the business of providing passenger air service;
(b) An affiliate of such air carrier; or
(c) A parent entity for which such air carrier is an affiliate.
(2) The deduction authorized under this section is not available to any person who is physically present in this state as determined under RCW 82.04.067(6).
(3) For purposes of this section, the following definitions apply:
(a) "Affiliate" means a person is "affiliated," as defined in RCW 82.04.645, with another person; and
(b) "Commercial aircraft" means a commercial airplane as defined in RCW 82.32.550.

NOTES:

Tax preference performance statement exemptionAutomatic expiration date exemption2017 c 323: See note following RCW 82.04.040.
ContingencyApplication2010 1st sp.s. c 23 §§ 102-112: See notes following RCW 82.04.067.
Effective date2010 1st sp.s. c 23: See note following RCW 82.04.4292.
FindingsIntent2010 1st sp.s. c 23: See notes following RCW 82.04.220.

DeductionsCommercial aircraft loan interest and fees. (Effective January 1, 2020.)

(1) In computing tax there may be deducted from the measure of tax interest and fees on loans secured by commercial aircraft primarily used to provide routine air service and owned by:
(a) An air carrier, as defined in RCW 82.42.010, which is primarily engaged in the business of providing passenger air service;
(b) An affiliate of such air carrier; or
(c) A parent entity for which such air carrier is an affiliate.
(2) The deduction authorized under this section is not available to any person who is physically present in this state as determined under RCW 82.04.067.
(3) For purposes of this section, the following definitions apply:
(a) "Affiliate" means a person is "affiliated," as defined in RCW 82.04.645, with another person; and
(b) "Commercial aircraft" means a commercial airplane as defined in RCW 82.32.550.

NOTES:

Effective date2019 c 8 §§ 102, 103, 107, and 701-703: See note following RCW 82.04.067.
Existing rights and liabilityRetroactive application2019 c 8: See notes following RCW 82.02.250.
Tax preference performance statement exemptionAutomatic expiration date exemption2017 c 323: See note following RCW 82.04.040.
ContingencyApplication2010 1st sp.s. c 23 §§ 102-112: See notes following RCW 82.04.067.
Effective date2010 1st sp.s. c 23: See note following RCW 82.04.4292.
FindingsIntent2010 1st sp.s. c 23: See notes following RCW 82.04.220.
Site Contents
Selected content listed in alphabetical order under each group