Aircraft Upgrades Could Yield Tax Benefits
According to Cessna Aircraft, enhancements made to business aircraft this year might qualify for the new bonus depreciation tucked into the recently passed federal stimulus legislation, depending on the tax accounting treatment. “This is a good time to consider enhancements to your [business aircraft], such as a glass cockpit, productivity features in the cabin, upgraded operational or navigational systems,” noted Cessna customer service senior vice president Mark Paolucci. “As long as the upgrade adds value
to the aircraft or increases the life of the aircraft, it may qualify for favorable bonus depreciation tax treatment in 2009.” To qualify for the tax bonus, the upgrades must be installed on the aircraft before December 31.