AerCap calls Mississippi's new sales tax exemption on aircraft leases a ""game changer""

Mississippi has enacted a new taxation legislation that exempts sales tax on aircraft, which lessor AerCap has called a ""game changer"". House Bill 1855 will introduce exemption from sales tax for the lease or other retail transfers of fixed-wing aircraft and engines, accessories and spare parts for such aircraft. ""The introduction of this legislation is a game changer for commercial aircraft leasing and sales in Mississippi and aligns sales tax law with the majority of other states that already offer similar exemptions,"" said AerCap Materials CEO Aimee Craig. ""The new legislation will allow AerCap to better service our customers by improving efficiency of dismantling and offering more competitive pricing. ""Moreover, it supports our ESG strategy by recycling parts from older technology aircraft and extending their useful life."" The new legislation follows two years of close collaboration between AerCap and the economic development agency Greenwood-Leflore-Carroll Economic Development Foundation. Craig said the agency were ""instrumental in helping us drive this change"". The new legislation was enacted on April 25, 2024, and the bill was ceremonially signed into law by the Governor of Mississippi, Tate Reeves, in a special ceremony held at the Walter Sillers state office building in Jackson, Mississippi on July 8, 2024.