The object of the regulation is to set minimum insurance requirements for air carriers and aircraft operators regarding coverage for passengers, baggage, cargo and third parties. The rule applies to all operators flying into, out of, within or over the territory of a member state. The new insurance levels are tied directly to the mtow of the aircraft and a special drawing right (SDR).
CIT Group has sold most of its corporate aircraft financial business to GE Commercial Finance. The transaction includes approximately $700 million in loans and $200 million in leases on 380 business jets, turboprops and helicopters. CIT said it will continue to finance fractional aircraft shares and “select corporate aircraft.”
The UK’s Department for Transport (DfT) is considering whether to prevent foreign-registered aircraft that are not operated commercially from being based permanently in Britain. It is about to launch a consultation process on proposals to revise legislation on foreign-registered aircraft.
Although the FAA is not yet advocating new taxes or user fees, the agency continues to emphasize that it needs a consistent, stable revenue stream that is not tied to the price of an airline ticket.
The Isle of Man, a UK Crown Dependency in the Irish Sea, hopes to have its own aircraft register established by the end of next year. The island will operate the new register in parallel with the UK’s “G” register and market it as an additional benefit to individuals and companies seeking to benefit from the island’s fiscal and legal jurisdiction.
Conklin & de Decker part owner Nel Sanders-Stubbs, for years the NBAA’s prime source of tax knowledge and expertise, gave Conklin & de Decker aircraft acquisition planning seminar attendees some insights on what to expect in the way of federal passenger excise taxes as well as state sales, use and registration levies.
Taxes–when, where, how and why they must be paid–and how to avoid them captured a major share of attention among the users and providers of business aircraft transportation attending the fifth annual Conklin & de Decker aircraft acquisition planning seminar in Scottsdale, Ariz., this fall.
Last month nearly 30 business aircraft operators based at Westchester County Airport (HPN) received “Spirit of Noise Abatement Awards” for achieving 100-percent compliance with the voluntary night-flying restraint and high-range noise event programs in 2004. Operators achieving the lowest average sound level were US Cable, flying a Challenger 601, and JPMorgan Chase, flying a GIV and a Challenger 604.
Anchorage, Alaska-based regional airline Era Aviation in late December filed for Chapter 11 bankruptcy protection after its main source of capital decided to restrict its funding in a dispute over cash-flow targets.
In his annual letter to shareholders, 75-year-old Berkshire Hathaway chairman Warren Buffett addressed the issue of management succession at his company: “As owners, you are naturally concerned about whether I will insist on continuing as CEO after I begin to fade and, if so, how the board will handle that problem. You also want to know what happens if I should die tonight.”