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| Financing, Insurance and Taxes |
California shuts tax law loophole
September 01, 2004
California has amended its aircraft sales and use tax law, essentially closing a loophole that allowed buyers of aircraft and other big-ticket items to escape paying sales taxes.
Under the previous law, aircraft purchased outside California and brought into the state within 90 days were subject to use tax. This allowed California aircraft owners to avoid...
moreBonus depreciation left dangling
August 01, 2004
Before bailing out last month for the usual summer vacation, the House and Senate took no action on the tax bill that would have extended the bonus depreciation benefits allowance. Extension of the bonus depreciation benefits for certain business aircraft buyers is part of a larger tax package to be decided, and that is being held up by battles over items...
moreRx for tax headaches: LAS
August 01, 2004
The tax committee of the NBAA will host two events in conjunction with its 57th annual meeting and convention in Las Vegas in October. The NBAA 13th Annual Tax, Regulatory & Risk Management Conference (previously known as the NBAA Tax Conference) is scheduled for October 10 and 11 at the Las Vegas Hilton. In addition, the risk-management working group of...
moreRhode Island repeals Av taxes
August 01, 2004
A coalition of general aviation interests was successful in getting aircraft sales and use taxes repealed in Rhode Island when Gov. Donald Carcieri signed legislation that exempts the sale, storage, use or other consumption of new or used aircraft and aircraft parts from taxation. Labor charges continue to be exempt where they are separately stated by the...
moreCorporate jet deductions in Congress’s crosshairs
July 01, 2004
Personal use of corporate aircraft is coming under increasing attack by Congress.A bill has been submitted in the House of Representatives that seeks to restrict a company’s ability to deduct certain portions of a flight conducted for personal use.Titled the Corporate Jet Tax Shelter Reform Act of 2004, H.R.4352 was referred to the House Ways and Means...
moreBonus tax benefit bill may soon become law
July 01, 2004
The House of Representatives approved the American Jobs Creation Act of 2004 (H.R.4520) on June 17, paving the way for a one-year extension of the time allotted to place into service business aircraft purchased under the accelerated-depreciation tax bonus.
The House bill, passed by a vote of 251-178, extends the placed-in-service deadline from the end of...
moreInsurance rates flatten, though only for some
June 01, 2004
Flight departments see relief, while charter firms and FBOs pay a premium
moreAs economy picks up, so too will aviation financing rates
June 01, 2004
Unlike insurance rates, which are decreasing slightly or at least stabilizing, aviation financing rates have apparently bottomed out and were on the rise last month.
However, like home mortgage rates, interest rates for aircraft are still near historic lows. What direction they go next is impossible to predict accurately, but current economic conditions...
moreFAA, IRS don’t regulate in the same language
June 01, 2004
NBAA forum discusses tax implications of aircraft ownership and operations
moreLife insurance for bizav pilots: separating fact from fiction
May 01, 2004
In a world of uncertainty, life insurance remains a priority for many business aviation pilots. Unfortunately, it also remains a much misunderstood subject.Part of the problem is that most of the companies writing life insurance for pilots have minimal understanding of the risk involved in flying a business aircraft. As a result, many decline to provide...
moreGECAS’ RJ ultimatum backs pilots into corner
May 01, 2004
GE Capital Aviation Services has amplified threats to withdraw its regional jet financing deals with US Airways if pilots do not accept a revised letter of agreement (LOA 91) to loosen restrictions on RJ placement outside the airline’s wholly owned subsidiaries. Earlier this month a negotiating committee established by ALPA ratified a new resolution on LOA...
moreBoeing selling bizjet finance unit
May 01, 2004
At press time, Boeing was close to concluding a deal in which it will be selling its business-jet finance division. Boeing hopes to announce the buyer at its board meeting on May 3. The business, currently under the direction of Louis Seno, is expected to remain headquartered in Broomfield Hills, Mich. Financing for new BBJ transactions will stay with...
moreUSAIG contribution to training tops $2.5 million
April 01, 2004
Over the last seven years, U.S. Aircraft Insurance Group has contributed more than $2.5 million to help pay annual training costs of Bell, Eurocopter and MD Helicopter operators who participate in the USAIG preferred policyholder program. Each participating operator receives up to $30,000 a year to spend on flight or maintenance training in the form of...
moreTax seminar for air taxis on tap
March 01, 2004
A tax seminar specifically geared toward Part 135 air-charter operators will be held on May 17 in Las Vegas in conjunction with the National Air Transportation Association’s annual convention. The seminar will be presented by Nel Sanders-Stubbs, a partner with Conklin & de Decker business-aviation costing analysts of Orleans, Mass. Seminar topics...
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