In the years following the 9/11 attacks, Congress passed an accelerated depreciation tax incentive plan to boost sales of aircraft. It’s back; and the newly passed program joins some $1.1 billion in airport funding as part of the Obama administration’s economic stimulus package. The general aviation industry has lost a reported total of approximately 11,000 jobs to the current economic crisis, an estimated 7,000 jobs in Kansas, alone. The accelerated depreciation program allows companies that buy aircraft for business purposes to take larger early year deductions based on accelerated depreciation of the asset.
Accelerated Depreciation Back on the GA Radar
Key Takeaways:
- An accelerated depreciation tax incentive for aircraft purchases has been reintroduced as part of the Obama administration's economic stimulus package.
- The program aims to revitalize the general aviation industry, which has experienced significant job losses, including an estimated 11,000 nationally and 7,000 in Kansas.
- It allows companies buying aircraft for business purposes to take larger early-year tax deductions and is complemented by $1.1 billion in airport funding.
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