Nev. Rev. Stat. § 372.7261 — Application and calculation of tax on property purchased for certain purposes related to aircraft and components of aircraft. [Effective through June 30, 2035.]

NRS  372.7261    Application and calculation of tax on property purchased for
certain purposes related to aircraft and components of aircraft. [Effective
through June 30, 2035.]
1.  In administering the provisions of this
chapter:
(a) The Department shall calculate the amount of
tax imposed on tangible personal property purchased for use in owning,
operating, manufacturing, servicing, maintaining, testing, repairing,
overhauling or assembling an aircraft or any component of an aircraft as
follows:
(1) If the tangible personal property is
purchased by a business for use in the performance of a contract, the business
is deemed the consumer of the tangible personal property and the sales tax must
be paid by the business on the sales price of the tangible personal property to
the business.
(2) If the tangible personal property is
purchased by a business for use in the performance of a contract and the sales
tax is not paid because the vendor did not have a valid seller’s permit, or
because the resale certificate was properly presented, or for any other reason,
the use tax must be imposed based on the sales price of the tangible personal
property to the business.
(b) Any tangible personal property purchased by a
business for use in the performance of a contract is deemed to have been
purchased for use in owning, operating, manufacturing, servicing, maintaining,
testing, repairing, overhauling or assembling an aircraft or any component of
an aircraft.
2.  As used in this section:
(a) “Aircraft” has the meaning ascribed to it in
paragraph (a) of subsection 12 of NRS
360.753 .
(b) “Component of an aircraft” has the meaning
ascribed to it in paragraph (b) of subsection 12 of NRS 360.753 .
(c) “Contract” means any contract for the
ownership, operation, manufacture, service, maintenance, testing, repair,
overhaul or assembly of an aircraft or any component of an aircraft entered
into by a business.