In a move aimed at helping bring aviation jobs back, the Senate has approved continuing the bonus tax incentive through the end of this year for new aircraft purchases. The rule allows companies or individuals buying new aircraft to record the purchase’s depreciation in the first year, rather than stretching the tax benefits over five years. The incentive has been credited with stimulating sales of new aircraft over the past few years that could not have closed without the incentive. Passage of the bill has been cheered by the National Business Aviation Association (NBAA) as well as the General Aviation Manufacturers Association (GAMA). GAMA President Pete Bunce said, “This incentive is a critically needed measure for bringing back jobs and boosting economic recovery in our industry. We look forward to swift passage of this bill in the House and to the president’s signature on this important piece of legislation.”
Tax Incentives For New Aircraft Extended
Key Takeaways:
- The Senate has approved an extension of a bonus tax incentive for new aircraft purchases through the end of the year.
- This incentive allows companies and individuals to fully depreciate new aircraft purchases in their first year, rather than over five years.
- The measure is aimed at stimulating new aircraft sales, bringing back aviation jobs, and boosting economic recovery in the industry.
- Aviation industry associations like the NBAA and GAMA have cheered the incentive's continuation and anticipate its swift passage into law.
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