NM House Approves Aircraft Maintenance Tax Break

Law360, New York (February 13, 2014, 4:17 PM EST) -- The New Mexico House of Representatives on Wednesday passed a bill that would allow individuals and businesses located within the state to deduct the cost of selling or repairing aircraft or aircraft parts.

House members voted 52-14 in support of the legislation, which will now head to the state Senate. If the proposal is ultimately signed into law, the new deduction would become available on July 1.

New Mexico's Taxation and Revenue Department reported that it does not yet have sufficient data to tell which existing...
To view the full article, register now.