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 its members to contact Congress regarding the Republican tax overhaul bills, which contain provisions impacting aircraft operators.
- Both House and Senate versions of the bills allow for immediate expensing of business property (with differences on new vs. pre-owned equipment) but remove like-kind exchange provisions.
- The Senate bill clarifies that aircraft management fees are for services, exempting them from airline ticket taxes but leaving them liable for fuel taxes.
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