Section EE 29 — Income Tax Act 2007: Economic rate for certain aircraft and motor vehicles

EE 29 Economic rate for certain aircraft and motor vehicles What this section does (1) This section gives the economic depreciation rate for certain aircraft and motor vehicles. Rate for certain aircraft (2) The economic rate for an aircraft is a diminishing value rate of 10% or a straight-line rate of 7% if the aircraft— (a) is self-propelled; and (b) has fixed wings; and (c) is not an international aircraft; and (d) is not used for top-dressing or spraying; and (e) is not a helicopter. Rate for certain motor vehicles (3) The economic rate for a motor vehicle that is designed exclusively or mainly to carry persons and has seats for no more than 12 persons is a diminishing value rate of 30% or a straight-line rate of 21% if the motor vehicle— (a) is not available for hire: (b) is available for hire for a hire period of more than 1 month: (c) is a taxi: (d) is a minibus. Defined in this Act: diminishing value rate , economic rate , international aircraft , minibus , straight-line rate , Compare: 2004 No 35 s EE 25D