Retailer of aircraft; use tax; option; election; conditions
(1) Any retailer of aircraft, in lieu of paying tax pursuant to subsection (3) of section 77-2706 , may elect to pay a use tax measured by the current sales and use tax rate applied against the total gross receipts realized from the use of such aircraft, except the receipts realized from transportation for hire as a common or contract carrier. If such election is made, it shall be made pursuant to the following conditions:
(a)Notice of the desire to make such election shall be…#
(a) Notice of the desire to make such election shall be filed with the Tax Commissioner and shall not become effective until the Tax Commissioner is satisfied that the taxpayer has complied with all of the conditions of this section and all rules and regulations of the Tax Commissioner;
(b)Such election when made shall continue in force and…#
(b) Such election when made shall continue in force and effect for a period of not less than two years and thereafter until such time as the retailer elects to terminate the election;
(c)Such election shall apply to all aircraft in inventory;#
(c) Such election shall apply to all aircraft in inventory;