Little Time Left To Comment on Tax Proposals
There is still a short time remaining to alert Congress about what NBAA calls “harmful” tax proposals in pending federal legislation. The effort by a House-Senate Conference Committee to reconcile H.R.4297, the Tax Relief Extension Reconciliation Act of 2005, has yet to conclude, allowing time for business aircraft operators to contact their members of Congress about two “onerous proposals” included in the Senate version of the bill, according to NBAA. One provision expands limitations on entertainment use of business aircraft to all employees, rather than just senior executives. A second provision “substantially increases” taxes for any personal use of a company airplane, abolishing the Standard Industry Fare Level (SIFL) valuation. Operators who have not yet voiced opposition to the proposals can do so at NBAA.org.