California Revenue and Taxation Code

§ 1161

RTC § 1161 Effective Aug 24, 2007Div. 1 · Part 2 · Ch. 5 · Art. 7

Statute text

(a)Notwithstanding any other law, fractionally owned aircraft that has situs in this state shall be assessed on a fleetwide basis to the manager in control of the fleet and a notice of that assessment shall be issued to that manager.

(1)Any fractionally owned aircraft that has been annually assessed for the fiscal years preceding the 2007–08 fiscal year shall be assessed under this article commencing with the 2007–08 fiscal year.

(2)For fractionally owned aircraft that have not been annually assessed for the fiscal years preceding the 2007–08 fiscal year, assessment under this article applies for the 2007–08 fiscal year and for each fiscal year thereafter, and for preceding fiscal years for which an assessment was not made, and for which a statute of limitations either does not apply or has been waived.

…

Legislative history

Added by Stats. 2007, Ch. 180, Sec. 4. Effective August 24, 2007.