A three-year tax framework unveiled this week in both chambers of Congress includes lucrative provisions that could help boost profits and lower operational costs for aircraft buyers.
The proposal, the Tax Relief for American Families and Workers Act of 2024, has bipartisan support. In exchange for Democrat-backed language to bolster the Child Tax Credit, it restores tax deductions—supported by Republicans—that were eliminated in the 2017 Tax Cuts and Jobs Act, the signature tax package passed under the Donald Trump administration, to help balance revenue lost as a result of cutting the U.S. corporate tax rate from 35 percent to 21 percent.
