As final tweaking of the Republican tax overhaul bills continue, the NBAA is urging members operating aircraft of all shapes and sizes to contact their Congressional representatives to make their concerns known. At stake are provisions related to immediate expensing, like-kind exchanges and taxes applicable to aircraft management companies.
NBAA Asks Operators to Pay Close Attention to Tax Legislation
Key Takeaways:
- The NBAA is urging members to contact Congress regarding the Republican tax overhaul bills, which contain provisions impacting immediate expensing, like-kind exchanges, and aircraft management company taxes.
- Both House and Senate versions of the bill propose immediate expensing for business property placed in service after September 27, 2017 (differing on new vs. pre-owned equipment coverage), and both eliminate like-kind exchange provisions.
- The Senate bill clarifies that aircraft management fees are for services, not transportation, thereby exempting them from airline ticket taxes and making them only liable for fuel taxes.
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