Republican lawmakers have taken steps to shelve new tax rules in the 2005 Highway Bill designed to discourage truckers from using jet fuel to avoid higher taxes on diesel fuel. Sens. Ted Stevens (R-Alaska) and Conrad Burns (R-Mont.) and Rep. Robin Hayes (R-N.C.) sent letters to U.S.
Financing, Insurance and Taxes » Taxes
Tax issues for aircraft operators.
October 17, 2006 - 7:46am
Business aviation groups welcomed a letter from the FAA to the commissioner of internal revenue asking him to suspend implementation of new fuel tax rules that would impose a “significant administrative burden” on general aviation businesses and “create financial risk for the Airport and Airways Trust Fund.” The new rules would raise the tax rate on jet fuel to that of costlier highway diesel fuel but allow aviation jet fuel buyers to apply f
October 12, 2006 - 8:38am
The current Standard Industry Fare Level (SIFL) rates in effect from July 1 through December 31 are: 0 to 500 sm–$0.1926; 501 to 1,500 sm–$0.1469; and more than 1,500 sm–$0.1412. The SIFL terminal charge is $35.21. SIFL fees are used to satisfy IRS requirements for operators to compute the value of non-business transportation aboard employer-supplied aircraft.
October 5, 2006 - 11:14am
The 2004 American Jobs Creation Act could have entirely the opposite effect on business aviation due to an “overreaching” IRS interpretation that’s causing many companies to reconsider their corporate aircraft use.
September 25, 2006 - 6:17am
More detailed reporting of top executive compensation, including such perquisites as personal use of corporate aircraft, is the aim of new proposals from the Securities and Exchange Commission (SEC). One of the proposals would lower the threshold at which perks must be disclosed. Companies currently must reveal perks if the total aggregate value is more than $50,000, or 10 percent of total annual salary and bonus.
September 25, 2006 - 6:07am
A plan implemented last year to offset the city and county tax burden on airplane owners at Pitt-Greenville (N.C.) Airport has attracted more aircraft owners to the airport. The Greenville City Council and Pitt County Board of Commissioners each unanimously voted to continue funding this year for a stimulus plan that provides about $150,000 in credits to aircraft owners. The two governments will split the cost equally.
September 14, 2006 - 6:17am
New York’s state Senate passed legislation (S.3655) sponsored by Sen. Bill Larkin (R-Croton-on-Hudson) to provide a sales and use tax exemption on general aviation airplanes to be operated under Part 91 and purchased in the state. The exemption, if passed by the state’s Assembly and signed by the governor, would go into effect on December 1.
