Sec. 10.7. (a) The aircraft excise tax shall be assessed on each inventory aircraft held by a dealer on the last day of December.
(b) Each year a dealer shall submit to the department:
(1) an update of the list of known aircraft in inventory, which the department may at its discretion supply; or
(2) a completed form 7695 for each inventory aircraft.
(c) The dealer shall compute the amount of aircraft excise tax due and remit the full amount along with any forms prescribed by the department.
(d) For aircraft deleted from the inventory list, the dealer shall provide complete sale information and shall submit the applicable information if directed to by the department.
(e) A dealer who fails to file and remit the excise tax due for all inventory aircraft as required by the department is subject to the penalty and interest provision of this chapter for each inventory aircraft omitted.
(f) A dealer who holds aircraft for other than inventory use is subject to the nondealer provisions contained in this chapter regarding those specific aircraft.
As added by P.L.65-1997, SEC.17. Amended by P.L.245-2015, SEC.23.
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