Although the accelerated-depreciation bonus has been credited with a pickup in orders for new business jets, the General Aviation Manufacturers Association is encountering rough going in the Senate over its efforts to get the tax break extended.
While 2003 general aviation shipping and billing numbers are hardly cause for celebration, the CEOs of GA manufacturers are generally upbeat and optimistic that a turnaround has been reached. And even though 2003 was a “challenging year,” it still ranks as the fifth best year for billings in GA’s history.
The “Safety Bucks” program from insurer USAIG (United States Aircraft Insurance Group) has contributed more than $4.3 million over the last nine years to defray the training costs or participants in its Preferred Policyholder Program, according to figures released here at Heli-Expo.
Comair has given its pilots until March 4 to ratify a tentative deal forged with union representatives last month after U.S. Bankruptcy Court judge Adlai Hardin ruled that the group cannot legally call a strike. The agreement came just as management prepared to impose $15.8 million in cost concessions, authority for which Hardin had granted in December. Whatever the result of the pilot vote, ALPA vowed to appeal Hardin’s ruling.
The continued weakness of the U.S. dollar on international currency markets is stimulating sales of U.S.-based business aircraft to foreign buyers. With the dollar recently reaching historic lows against the three-year-old euro, prospective buyers from Europe are pouncing on exchange-rate-based discounts.
Activity in the used jet sector continues to thrust ahead as another year-over-year decline in inventory served to strengthen prices among a number of models and appears poised to continue. During the last two years the used inventory averaged a 155 net decline and stands at 1,730 as AIN goes to press, a figure it hasn’t seen in four years.
Operators flying within, to, from or over the 25-nation European Union (EU) need to check their insurance policies to ensure that they meet the new minimum liability requirements that will take effect on April 30. Failure to do so could result in the prohibition of flights, the withdrawal of operating licenses and, potentially, criminal prosecution.
The IRS has issued temporary guidelines on the bonus depreciation option.
NBAA’s was one of more than 170 comments filed (mostly in support) to the Securities and Exchange Commission rulemaking proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft.
A little over one year has passed since the European Union introduced higher minimum liability insurance requirements for aircraft registered within the EU, and those of foreign registry flying into or over its 25 member states.