Taxation

March 2, 2013 - 7:30am
President Obama has proposed eliminating a tax break for business jet buyers.

If I had to sum up the benefits of business jets in just one word, I might pick “convenience.” According to Wikipedia, “convenient procedures, products and services are those intended to increase ease in accessibility, save resources (such as time, effort and energy) and decrease frustration.”

February 7, 2013 - 3:50pm

Comments by President Obama’s press secretary that tax depreciation schedules constitute “loopholes” for corporate jets ignited a blitzkrieg of return fire from general aviation on Tuesday. Pete Bunce, chairman and CEO of the General Aviation Manufacturers Association, declared that politics in Washington continues to demonstrate that facts can be conveniently overlooked when one is trying to point fingers and score sound bites.

January 8, 2013 - 3:50pm

Despite his rhetoric during a presidential debate that “corporate jets” should not get tax breaks, President Obama signed a bill–the American Taxpayer Relief Act of 2012–last week that extends the 50-percent accelerated depreciation for capital goods, notably including business aircraft, through the end of this year.

December 6, 2012 - 6:00pm

NBAA has joined other organizations in urging Congressional leaders to continue stimulating business capital expenditures by extending the accelerated, or “bonus,” depreciation that is set to expire at the end of this year. In a letter sent to both houses of Congress yesterday, the groups said, “It is imperative that we continue the 50-percent bonus depreciation…for 2013 and beyond. This will provide some certainty to U.S.

September 2, 2012 - 2:55am

Owners and operators of business aircraft were disappointed last month when the IRS issued final regulations disallowing certain deductions for “entertainment” use of company aircraft.

The provisions were originally contained in the “American Jobs Creation Act of 2004.”

Under the new rules, the difference between the actual cost of personal entertainment flights provided for “specified individuals” and the amount included as income for the individual is disallowed as a deduction to the corporation.

August 2, 2012 - 4:40am

The Italian government has approved an amendment to the contentious tax on business aircraft that it made law on April 29. Now, foreign-registered aircraft operated privately will incur the tax only if they stay for 45 consecutive days, rather than the 48-hour threshold in effect until now.

July 26, 2012 - 4:23pm

The Italian government has approved an amendment to the contentious tax on business aircraft that it made law on April 29. Now, foreign-registered aircraft operated privately will incur the tax only if they stay for 45 consecutive days, rather than the 48-hour threshold in effect until now. The amendment, which is expected to be endorsed by the Italian parliament, would also reduce the rate of the tax by 50 percent.

June 2, 2012 - 6:00am

There have been two key developments in recent efforts by the U.S. government to extract more tax money from fractional-share operators, the subject of a NetJets lawsuit against the government and the government’s counter-lawsuit.

May 15, 2012 - 11:45pm

With aircraft owners facing continuing headaches over importing aircraft into the European Union, offshore registrations are increasingly being considered as a more flexible option. At the same time, lawyers have been scrambling to develop elegant solutions to avoid at least immediate liability for punitive rates of value added tax through deferral schemes.

April 24, 2012 - 6:21pm

Italy’s parliament passed proposed changes to the aircraft luxury tax today, according to NBAA.

 
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