Flight Tax Systems Offers A New Landings Report
We are pleased to announce that we have added two new report options to our Flight Tax Systems reports library. All FTS users now have access to a new Landings Report which will allow them to generate a report of landings either by Airport or by State / Region.
In jurisdictions where a Personal Property Tax is imposed on aircraft there is often an opportunity to pare down the taxable value of the aircraft in that jurisdiction, and one common methodology is to calculate the fraction of landings within the jurisdiction versus landings everywhere and multiply the full taxable value of the aircraft by that fraction. The Landings Report will present that fraction to you.
A similar opportunity sometimes exists with respect to Use Tax being volunteered on lease payments (intercompany or otherwise) with respect to the aircraft. The same landings fraction as calculated above would be applied against the full tax on a lease payment to arrive at the amount actually payable.
Consult with your tax advisor as to whether these opportunities are available to you.
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