Check Spelling In Legal Kentucky Aircrafts Forms For Free

The $6,000 de minimis threshold found in KRS 139.470(23) applies to otherwise taxable services. Any provider of new taxable services that exceeds $6,000 in gross receipts in 2021 or 2022 must be registered for the collection of the sales and use tax beginning on January 1, 2023.

Kentucky imposes state-wide sales/use tax at a 6% rate. Kentucky exempts from its sales tax occasional sales in Kentucky of aircraft and from its use tax the storage, use, or other consumption in Kentucky of aircraft trans- ferred to the purchaser by means of an 'occasional sale'.

( KRS Sec. 139.010 ; KRS Sec. 139.240 ) Under a de minimis rule, the first $1,000 of sales made in any calendar year by individuals or nonprofit organizations for garage sales and nonprofit fundraising events are expressly brought within the occasional sale exemption.

Sales of horses which are bought for resale also are nontaxable. Horses, or interests or shares in horses, bought for breeding purposes only are exempt from sales or use tax in Kentucky. However, fees paid to breed to a stallion in Kentucky are subject to sales tax.

Tax rate: 2% of the purchase price of the aircraft; or. If you purchased the aircraft outside of Virginia, and are licensing it 6 months or more after moving it here, 2% of the purchase price or current market value, whichever is lower; or. 2% of the gross receipts from the lease, charter or other use of the aircraft.

Some customers are exempt from paying sales tax under Kentucky law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.