Finance, Taxes, Insurance
Cal. Ruling Frees Some For-sale Jets from Property Taxes
There are specific requirements for the exemption, including entering into a listing agreement that transfers care, custody and control of the aircraft.
Business aircraft listed with an aircraft broker—meaning “held for sale”—could qualify for California’s business inventory exemption, which provides relief from annual property taxes. (Photo: Mark Wagner/AIN)
Business aircraft listed with an aircraft broker—meaning “held for sale”—could qualify for California’s business inventory exemption, which provides relief from annual property taxes. (Photo: Mark Wagner/AIN)

Thanks to a recent ruling in a tax case heard in Ventura County, business aircraft listed with an aircraft broker—meaning “held for sale”—could qualify for California’s business inventory exemption, which provides relief from annual property taxes. NBAA Tax Committee member George Rice successfully argued the case on behalf of a client who owned a Gulfstream GV and signed a listing agreement with a local aircraft broker.