Section 361.1421 - Applicability1. Except as otherwise provided in subsection 2, the provisions of NAC 361.1401 to 361.1438, inclusive, do not apply to property of an interstate or intercounty nature used directly in the operation of a scheduled or unscheduled air transport company that is subject to valuation by the Nevada Tax Commission pursuant to NRS 361.320.2. The provisions of NAC 361.1401 to 361.1438, inclusive, apply to a fixed-wing aircraft with a weight of less than 12,500 pounds used by an air transport company to provide transportation services if, pursuant to subsection 10 of NRS 361.320, the air transport company elects to have the property of the company assessed by a county assessor.3. As used in this section, "scheduled or unscheduled air transport company" means a commercial operator: (a) Engaged in the common carriage of persons or property for compensation or hire;(b) That holds a certificate from the Federal Aviation Administration authorizing the commercial operator to operate under part 121, 125 or 135 of title 14 of the Code of Federal Regulations;(c) That uses property of an interstate or intercounty nature directly in its operations; and(d) The property of which is subject to valuation by the Nevada Tax Commission pursuant to NRS 361.320.Nev. Admin. Code § 361.1421
Added to NAC by Tax Comm'n by R001-20A, eff. 1/21/2021NRS 360.090, 360.250 and 361.260