Generally Accepted Accounting Principles

July 31, 2012 - 5:02pm

After five years in proposed form, the IRS issued its final rule today disallowing tax deductions for “entertainment” (non-business) use of business aircraft. The rules apply whether the company owns, leases or charters the aircraft.

May 4, 2012 - 5:50am

The National Air Transportation Association (NATA) and the General Aviation Infrastructure and Investment Coalition (GAIIC) in cooperation with the Airports Council International-North America have released a new set of best-practice standards for leases governing airport service providers. The new standards are aimed at facilitating long-term private investment in on-airport properties. The document lists a set of points that the parties say will serve the needs of both the airport and the service providers.

February 7, 2012 - 2:10pm

NBAA joined more than 60 businesses and organizations nationwide in signing a letter urging Congress to extend “bonus” depreciation, which allows for accelerated cost recovery of strategic purchases, including business aircraft. Bonus depreciation included in legislation signed into law in 2010 fell from 100 percent to 50 percent this year.

February 1, 2012 - 2:30am
Kim Stevens/State Aviation Journal

In today’s business environment, making the case for business aviation is more important than ever, and that was the focus of Conklin & de Decker’s 12th annual Aircraft Acquisition and Planning seminar.

November 26, 2011 - 11:11am

Accelerated depreciation for private aircraft became a hot topic again this past June when President Obama repeatedly cited it as a prime example of special tax breaks for the rich he wanted to eliminate.

October 8, 2011 - 5:00pm
General Aviation Manufacturers Association president and CEO Pete Bunce

General Aviation Manufacturers Association president and CEO Pete Bunce says recent general aviation rallies held following disparaging remarks about business aviation by President Obama actually go back to the end of 2008 when the CEOs from the Big Three automakers took separate company airplanes to testify before Congress.

June 30, 2011 - 9:47am

In a resumption of his campaign against business aviation, President Obama yesterday called for an end to “tax breaks” for corporate jet owners.

May 28, 2011 - 3:15pm

Offshore helicopter services company Bristow announced increased earnings and revenues for its fiscal year ended March 31 of $121.3 million and $1.233 billion, respectively. The company reported that revenue increased across all primary business units

 “Fiscal 2011 turned out to be a strong year, distinguished by record revenue, operating income and net income,” said CEO Bill Chiles.

September 28, 2010 - 11:46am

The Senate last month passed its version of bonus depreciation legislation, much to the satisfaction of general aviation groups. The House of Representatives passed similar legislation in June.

September 28, 2010 - 10:09am

General aviation groups hailed the passage late last month of a bonus depreciation bill, H.R.5297, that will allow for accelerated depreciation of business aircraft. The House of Representatives already passed this legislation in June, but had to vote on it again on September 23 because the Senate’s version approved a week earlier contained minor differences.

 
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