German airframer Extra Flugzeugbau of Hunxe entered insolvency last month, similar to Chapter 11 bankruptcy in the U.S.
A number of pilots on NBAA’s Air Mail Internet forum expressed confusion of late over Signature Flight Support’s policy on ramp fees for multiple stops on a given day.
Atlantic Aviation took the wraps off its Atlantic Awards program for jet flight crews. For every 100 gallons of jet fuel purchased at an Atlantic facility, the crewmember receives a certificate redeemable over the Internet for five dollars of “credit” applied to a prepaid American Express card in their name.
When President Bush last month signed a tax law that extends the “placed-in-service” deadline to the end of next year for new aircraft buyers to qualify for the 50-percent bonus-depreciation allowance, he also enacted a provision of the new law that isn’t such good news. NBAA noted that the new tax law sets more stringent limits on expenses a company can deduct when there is personal use of an employer-provided aircraft.
Both houses of Congress passed a bill that extends until December 31 next year the “placed-in-service” deadline for business aircraft purchased on or before December 31 this year to qualify for a 50-percent bonus depreciation allowance. It became law when President Bush signed the bill on October 22.
What a difference a year makes.
International Water-Guard Industries (IWG) is “adjusting its pricing and business policies in response to the unprecedented shift in exchange rates between the U.S. and Canadian dollar.” According to IWG president and CEO David Fox, the Burnaby, British Columbia-based company has raised its U.S. prices by 7 percent “while working with non-U.S.
A law recently approved by the California State Assembly would assess all fractional ownership flights in the state with personal property taxes, according to the National Air Transportation Association (NATA). The legislation stipulates that all flights operated under a fractional ownership program in California would be subject to the property taxes of the county in which the operation occurs.
An 11th-hour effort on January 31 failed to keep OEM startup VisionAire afloat after a federal district court judge placed the company back into Chapter 7 bankruptcy on January 21. The company had been operating under Chapter 11 bankruptcy since September, when the judge agreed to the voluntary insolvency after five creditors petitioned the court to place VisionAire into involuntary Chapter 7 bankruptcy in July.
Energy companies’ experience of the early-1990s Gulf War suggests that any sudden increase in oil prices owing to a new Iraq conflict might be brief, since the market has become much more responsive to demand. However, current oil supplies are plentiful, according to a petroleum industry senior executive.