AerCap Welcomes New Mississippi Sales Taxation Legislation

Rhea-AI Summary

AerCap Holdings N.V. (NYSE: AER) has welcomed new Mississippi taxation legislation, House Bill 1855, which exempts sales tax for the lease or retail transfers of fixed-wing aircraft, engines, accessories, and spare parts. The bill was enacted on April 25, 2024, and ceremonially signed by Governor Tate Reeves on July 8, 2024.

Aimee Craig, CEO of AerCap Materials, stated that this legislation aligns Mississippi with other states offering similar exemptions, allowing AerCap to improve efficiency in dismantling and offer more competitive pricing. The new law also supports AerCap's ESG strategy by facilitating the recycling of parts from older aircraft, extending their useful life.

Positive

• New legislation exempts sales tax for aircraft-related transactions in Mississippi
• Improved efficiency in dismantling operations
• Potential for more competitive pricing
• Supports AerCap's ESG strategy through parts recycling

Negative

• None.

DUBLIN, July 18, 2024 /PRNewswire/ -- AerCap Holdings N.V. ("AerCap" or the "Company") (NYSE: AER) has welcomed the enactment of new Mississippi taxation legislation, House Bill 1855, that introduces an exemption from sales tax for the lease or other retail transfers of fixed-wing aircraft and engines, accessories and spare parts for such fixed wing aircraft.

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.

"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 Aimee Craig, the CEO of AerCap Materials. "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."

"This follows two years of significant collaboration between AerCap and the Greenwood-Leflore-Carroll Economic Development Foundation who were instrumental in helping us drive this change. We would like to thank Governor Reeves, House Representatives and Senators, and the Mississippi Department of Revenue who supported the bill," Ms Craig concluded.

About AerCap

AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Dubai, Seattle, Toulouse and other locations around the world.

About AerCap Materials

AerCap Materials is the leading distributor of airframe and engines material for commercial aircraft and engine manufacturers. We provide spares distribution, financing and leasing solutions, supply chain management solutions, and dismantling expertise to more than 850 customers globally. AerCap Materials' facility is Aircraft Fleer Recycling Association (AFRA) accredited and ISO certified. With more than five decades of aftermarket experience and one of the largest inventories, AerCap Materials has the experience, expertise and solutions tailored to meet customer supply chain requirements, around the clock and around the world.

Forward-Looking Statements

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "will," "aim," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors, including the impacts of, and associated responses to: the Ukraine Conflict, the Covid-19 pandemic, that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com and follow us on Twitter www.twitter.com/aercapnv.

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SOURCE AerCap Holdings N.V.

FAQ

What is the new Mississippi taxation legislation affecting AerCap (AER)?

House Bill 1855, enacted on April 25, 2024, exempts sales tax for the lease or retail transfers of fixed-wing aircraft, engines, accessories, and spare parts in Mississippi.

How will the new Mississippi tax law benefit AerCap (AER)?

The law allows AerCap to improve efficiency in dismantling operations, offer more competitive pricing, and support its ESG strategy by recycling parts from older aircraft.

When was the Mississippi aircraft tax exemption bill signed into law for AerCap (AER)?

The bill was enacted on April 25, 2024, and ceremonially signed by Governor Tate Reeves on July 8, 2024.

Who supported the new aircraft tax exemption legislation benefiting AerCap (AER) in Mississippi?

The bill was supported by Governor Reeves, House Representatives, Senators, the Mississippi Department of Revenue, and the Greenwood-Leflore-Carroll Economic Development Foundation.