SENATE
                       3rd Reading Unamended
       April 21, 2016         SENATE
                       2nd Reading Unamended
                      April 20, 2016Second Regular Session
               Seventieth General Assembly
                    STATE OF COLORADO
                                                REENGROSSED
                       This Version Includes All Amendments
                       Adopted in the House of Introduction
 LLS NO. 16-0121.01 Nicole Myers x4326   SENATE BILL 16-155
                   SENATE SPONSORSHIP
 Cadman, 
 
                    HOUSE SPONSORSHIP
 Garnett and Nordberg, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 Appropriations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning a state sales and use tax exemption for historic
            aircraft on loan for public display.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            Beginning July 1, 2016, 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.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, add 39-26-711.9 as
       follows:
            39-26-711.9.  Historic aircraft on loan for public display -
       definition. (1)  Beginning July 1, 2016, a historic aircraft that is
       on loan for public display, demonstration, educational, or
       museum promotional purposes is exempt from taxation under the
       provisions of parts 1 and 2 of this article if:
            (a)  The historic aircraft is on loan for public display,
       demonstration, educational, or museum promotional purposes to
       a publicly owned museum in the state or to a nonprofit museum
       in the state that operates under section 501 (c) (3) of the federal
       "Internal Revenue Code of 1986", as amended;
            (b)  The historic aircraft will be used only for public
       display, demonstration, educational, or museum promotional
       purposes while within the state but away from the museum to
       which the historic aircraft is on loan; and
            (c)  The museum to which the historic aircraft is on loan
       for public display, demonstration, educational, or museum
       promotional purposes is open to the public for at least twenty
       hours every week.
            (2)  For purposes of this section, "historic aircraft" means
       any original, restored, or replica of a heavier-than-air aircraft
       that is at least thirty-five years old.
            SECTION 2.  Safety clause. The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.