As this edition went to press, the Virginia General Assembly had just sent to Governor McAuliffe a bill to exempt aviation parts from sales tax, potentially saving owners thousands of dollars on overhauls and upgrades.
In a compromise to protect this year’s tax revenue, the exemption takes place July 1, 2018. It expires June 30, 2022, but if it works as hoped, it’s likely the legislature will make it permanent.
The measure erases Virginia shops’ competitive disadvantage and incentivizes investment, said VABA Executive Director Daniel “Bud” Oakley. He said he’s in touch with several businesses that plan to invest in the state once the exemption is on the books.
The bill passed the Senate unanimously, after a 91-5 vote in the House of Delegates.