Washington State Considering New Aircraft Tax

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Your aircraft may soon be subject to a new annual Washington State tax based on the aircraft's fair market value. This new tax is part of House Bill 3176, which is scheduled for a public hearing before the House Finance Committee this Saturday, February 13, at 9 a.m. If passed, this bill will result in the imposition of an annual excise tax on the privilege of using an aircraft within Washington State, equal to one half of one percent of the aircraft's taxable value, as determined under a depreciation schedule to be published annually by Washington State Department of Transportation ("WSDOT"). Accordingly, the owner of a Washington registered aircraft with a taxable value of $20 million, would owe $100,000 per year. Under the bill, WSDOT would be responsible for collecting and administering the tax.

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Published In: General Business Updates, Elections & Politics Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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