Section 3
SECTION 3. The Act is further amended by adding Section 26 which shall read as follows: "SEC. 26. Rental on Leased Aircraft and Equipment. — All rentals, fees or charges paid to foreign lessors by the grantee for the lease of aircraft, engines, and other equipment shall be exempt from all taxes, provided that the liability for said taxes has been assumed by the grantee. The term "foreign lessor" shall be construed to apply to a foreign corporation, whether resident or nonresident, which enters into a lease contract with the grantee for the lease of aircraft, engines, and other equipment wherein the rentals, fees, or charges are denominated or payable in foreign currency."