BUSINESS JET ACQUISITION: Take Note
With the business aviation industry booming, there hasn’t been a better time to buy your own private jet. Federal, State, and Local governments are offering multiple tax excises to promote jet sales all around the country. Jets offer multiple benefits and now with tax laws, there’s more ground to cover to really take advantage of.
Entities and individuals looking for opportunities without borders are purchasing their own private aircraft which brings them to unexplored territory such as tax implications that are unique to the needs of each business. Utilize to your advantage current Federal tax exemptions such as 100% Bonus Depreciation, current until December 31, 2022.
Tax Laws are written to promote additional jobs and positively impact all communities, the reason why they are advantageous exclusively when owning Business jets for business activities.
Supplementary Planning is key for tax purposes, considering aircraft operating expenses are deductible as well, preparing from the start to log all aircraft details records applicable to business use since personal use has few advantages. At Login Aviation, tax implications are shown to each customer after surveying the aircraft usage for their business.
Florida, a strong aviation industry state, Senate and House is currently in the works with the passage to eliminate sales and use tax on aircraft, Senate Bill 786 – House Bill 6051, This will allow to attract more new business jet owners and increase aviation activity in our sunshine state.
With much more in the work of each State, It's an exciting time in the Business and General Aviation, a setting where purchasing your own aircraft can be a rewarding achievement and become part of the private aviation travelers.