|
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 Phillips Laboratory
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 Phillips
Laboratory for resale to the Air Force, those receipts are also deductible.
Aircraft Manufacturing Tax Deduction
This incentive provides a gross receipts tax deduction for sale of aircraft by an aircraft manufacturer.
To be deductible, sale must be by manufacturer; sale made by someone other than a manufacturer may still be taxable.
Aircraft Refurbishing 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.
Spaceport Gross Receipts Tax Deductions
There are three separate deductions connected with the operation of a spaceport in New Mexico. The three deductions are:
- Receipts from launching, operating, or recovering space vehicles or payloads
- Receipts from preparing a payload in New Mexico
- Receipts from operating a spaceport in New Mexico
“Space” is defined as any location beyond altitudes of 60,000 feet above mean sea level. “Payload” means a system,
subsystem, or other mechanical structure designed and constructed to perform a function in space. “Space operations”
is defined as the process of commanding and controlling payloads in space. “Spaceport” is defined as the installation
and related facilities used for the launching, landing, operating, recovering, servicing, and monitoring of vehicles
capable of entering or returning from space.
|
