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The tax rate is one-half of one per cent (0.005) of the assessed value of the aircraft, but not less than $20. For aircraft entering the state, either purchased from a dealer or returned to service from storage, salvage or repair status, the tax is prorated based on the number of months the aircraft is in Arizona.
An original registration tax is (4) percent, based on the purchase price of the aircraft.
States typically impose sales and use tax for the sale, purchase, and use of aircraft. However, the amount of imposed sales and use taxes vary from state to state. Each state enforces specific tax laws that aircraft owners must adhere to.
Besides, an over-ocean closing for a U.S. aircraft is unnecessary. Several states (Alaska, Connecticut, Delaware, Massachusetts, Montana, New Hampshire, Oregon and Rhode Island) have basically no sales tax on business jet sales.
The state use tax rate is the same as the state transaction privilege tax (TPT) rate (sometimes referred to as sales tax), currently at 5.6 percent.
There is a 5% excise tax on the purchase price of any aircraft purchased or acquired either in or outside the state of North Dakota if the aircraft is required to be registered under the laws of this state.
When you use your aircraft for business or income-producing purposes, the tax laws will allow you to recover the cost of the aircraft over a specified period of years, so that a portion of your aircraft cost is deducted each year. This tax deduction is known as depreciation.