Section 152.105  Basis and Rate of the Tax

a)         The rate of tax shall be 6.25% of the selling price for each non-retail purchase of aircraft that qualifies under this Part.

b)         Tax shall be imposed on the selling price of an aircraft.  However, the selling price shall not be less than the fair market value of the aircraft on the date the aircraft is purchased or the date the aircraft is brought into the State, whichever is later.  Trade-ins are not allowed to be credited against the tax base.

c)         For purposes of calculating the tax due when an aircraft is acquired by gift or transfer, the tax shall be imposed on the fair market value of the aircraft on the date the aircraft is acquired or the date the aircraft is brought into the State, whichever is later.

d)         For purposes of this Section, "selling price" means the consideration received for an aircraft subject to the tax imposed by this Section valued in money, whether received in money or otherwise, including cash, credits, service or property.  In the case of gifts or transfers without reasonable consideration, "selling price" shall be deemed to be the fair market value as determined by the Department or the Department’s vendor.  For the purpose of assisting in determining the validity of the "selling price" reported on returns filed with the Department, the Department may furnish the following information to persons with whom the Department has contracted for service related to making that determination: the selling price stated on the return; the aircraft identification number; the year, the make, and the model name or number of the aircraft; the purchase date; and the hours of operation (Section 10-30).  Hours of operation means aircraft hours or airframe hours.