NATA On New Tax Law For Fractionals
The California State Assembly would like to assess property taxes on all fractional ownership flights in the state, according to NATA's review of Senate Bill 87. NATA reported yesterday that under the legislation, signed into law on Aug. 24, all flights operated in California as part of a fractional ownership program would be subject to the property taxes of whatever county the operation occurs in. The legislation establishes a formula to be used by the ownership management in determining how much it must pay. According to NATA, "The formula includes a fraction by which the total number of operations conducted in a county is divided by the total number of operations for the fractional ownership company." Read the text of the bill, here.