1. Short title This Act may be cited as the Advanced Air Mobility Tax Exemption Parity Act of 2023 . 2. Powered-lift aircraft made eligible for certain exemptions from taxes on air transportation (a) Exemption for mining and timber uses Section 4261(f) of the Internal Revenue Code of 1986 is amended— (1) in paragraph (1), by inserting or powered-lift aircraft after helicopter , (2) in paragraph (2), by striking or by fixed-wing aircraft and inserting , powered-lift aircraft, or fixed-wing aircraft, , and (3) in the matter following paragraph (2)— (A) by striking helicopter or fixed-wing aircraft and inserting helicopter, powered-lift aircraft, or fixed-wing aircraft , and (B) by striking helicopter transportation and inserting helicopter or powered-lift aircraft transportation . (b) Exemption for air ambulances Section 4261(g)(1) of such Code is amended by inserting or powered-lift aircraft after helicopter . (c) Powered-Lift aircraft defined Section 4261 of such Code is amended by adding at the end the following new subsection: (l) Powered-Lift aircraft For purposes of this section, the term powered-lift aircraft means a heavier-than-air aircraft which— (1) is capable of vertical takeoff, vertical landing, and low speed flight, (2) depends principally on engine-driven lift devices or engine thrust for lift during flight maneuvers described in paragraph (1), and (3) depends principally on one or more non-rotating airfoils for lift during horizontal flight. . (d) Regulatory exemptions In the case of any exemption from the taxes imposed under section 4261 or 4271 of the Internal Revenue Code of 1986 which is provided under any regulation or other guidance issued by the Secretary of the Treasury (or the Secretary’s delegate) with respect to transportation by helicopter or fixed-wing aircraft— (1) such exemption shall also apply to powered-lift aircraft (as defined in section 4261(l) of such Code (as added by this section), and (2) such Secretary (or delegate) shall modify such regulation or other guidance