Aircraft Maintenance or Remodeling Tax Deduction
Receipts from maintaining, refurbishing, remodeling or otherwise modifying a commercial or military carrier (aircraft) over 10,000 pounds gross landing weight may be deducted from gross receipts.
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Aircraft Manufacturing Tax Deduction
Receipts of an aircraft manufacturer or affiliate from selling aircraft or aircraft parts, or from selling services performed on aircraft or aircraft components or from selling aircraft flight support, pilot training or maintenance training services may be deducted from gross receipts.
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Research and Development Tax Deduction
Aerospace services are the research and development services sold or for resale to an organization for resale by the organization to the U.S. Air Force. When R&D services are sold to another corporation for resale to the Air Force, the seller’s receipts are deductible. If the R&D services are sold to an intermediary for resale to a corporation for resale to the Air Force, those receipts are also deductible.
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Space Gross Receipts Tax Deductions
There are four separate deductions connected with the operation of a spaceport in New Mexico. Businesses may deduct the receipts from launching, operating or recovering space vehicles or payloads; from preparing a payload in New Mexico; from operating a spaceport in New Mexico; and from the provision of research, development, testing and evaluation services for the United States Air Force operationally responsive space program.
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