Materials and Tools Tax Exemption Extended
On Wednesday, March 2, 2022, Governor Youngkin signed into law HB 462. The bill, whose patron was Delegate Terry Austin (R-Botetourt), extends the aviation materials and tools sales and use tax exemption for state and local taxes to July 1, 2025.
The wording of the updated code in § 58.1-609.10 is as follows:
Beginning July 1, 2018, and ending July 1, 2025, parts, engines, and supplies used for maintaining, repairing, or reconditioning aircraft or any aircraft's avionics system, engine, or component parts. This exemption shall not apply to tools and other equipment not attached to or that does not become a part of the aircraft. For purposes of this subdivision, "aircraft" shall include both manned and unmanned systems. However, for manned systems, "aircraft" shall include only aircraft with a maximum takeoff weight of at least 2,400 pounds.