Beginning on the effective date of the bill, the bill creates a state sales and use tax exemption for a historic aircraft that is on loan for public display, demonstration, educational, or museum promotional purposes (public display) in the state if:
- The historic aircraft is on loan for public display to a publicly owned or nonprofit museum in the state;
- The historic aircraft will be used only for public display while within the state but away from the museum to which the historic aircraft is on loan; and
- The museum to which the historic aircraft is on loan for public display is open to the public for at least 20 hours every week.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)