Section 374.7261 - [Effective until 7/1/2035] Application and calculation of tax on property purchased for certain purposes related to aircraft and components of aircraft1. 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.Added to NRS by 2015, 2332Added by 2015, Ch. 406,§5, eff. 6/8/2015.