Cessna: Aircraft Upgrades Could Yield Tax Benefits
Cessna Aircraft is reminding Citation owners that enhancements made to their business aircraft this year might qualify for the new bonus depreciation tucked into the recently passed federal stimulus legislation, “depending on the tax accounting treatment a company uses for the upgrade.” Upgrades to business aircraft from other manufacturers could potentially benefit from the bonus depreciation rule as well. “This is a good time to consider enhancements to your [business aircraft], such as a glass cockpit, productivity features in the cabin, upgraded operational or navigational systems,” noted Cessna customer service senior vice president Mark Paolucci. “As long as the upgrade adds value to the aircraft or increases the life of the aircraft, it may qualify for favorable bonus depreciation tax treatment in 2009.” To qualify for the tax bonus, the upgrades must be installed on the aircraft before December 31. In other news at Cessna, the Wichita-based aircraft manufacturer this week canceled a suppliers’ symposium scheduled for this month and a Citation customer conference planned for late next month as cost-saving measures.