Finance

March 29, 2007 - 6:27am

Effective April 1, the commercial passenger tax on international operations increases from $5 to $5.50 per passenger. Commercial operators, including Part 135
air-taxi operators conducting international passenger operations, are required to collect and remit a commercial passenger user fee to U.S. Customs. 

March 28, 2007 - 12:15pm

Profits soared last year at Warren Buffett’s holding company, Berkshire Hathaway, though not all of the company’s divisions did well. In his annual letter to shareholders released last month, the investment mogul summarized the reduced performance of FlightSafety International and NetJets– the two largest companies in their respective fields of simulator training and fractional ownership.

March 28, 2007 - 12:01pm

Although the accelerated-depreciation bonus has been credited with a pickup in orders for new business jets, the General Aviation Manufacturers Association is encountering rough going in the Senate over its efforts to get the tax break extended.

March 28, 2007 - 7:39am

Avcard, the aviation services provider and credit-card company based in Hunt Valley, Md., has established a European office in London with the aim of increasing services to a broader range of customers. Twenty-five-year aviation veteran Stefan Jaeggi will head the office as general manager.

March 28, 2007 - 6:16am

Avantair, the Clearwater, Fla.-based fractional that operates Piaggio Avantis exclusively, reported an 85-percent increase in Q2 revenue over the same period a year earlier. Sluggish deliveries from Piaggio contributed to an overall loss, though the company does expect to break even upon reaching 40 aircraft in service. If current estimates hold, that will happen by the end of this year.

March 27, 2007 - 12:57pm

A “much improved situation is emerging at NetJets,” according to Warren Buffett, chairman of parent company Berkshire Hathaway. In his annual letter to stockholders, published February 28, Buffett said NetJets has “never had a problem growing. But profits had been erratic.”

March 22, 2007 - 8:22am

EMS provider Air Evac Lifeteam, founded in West Plains, Mo., in 1985, has new owners, including two private-equity firms. “The decision to sell was not an easy one,” said board chairman Bill Chritton. “Initially, we had no desire to sell. The company is strong, healthy and presents a bright and expanding future.”

March 22, 2007 - 7:13am

The Canadian Cabinet has approved a $250 million loan from the so-called Canada Account for a past transaction involving 10 Bombardier CRJs to Cincinnati-based Comair. The move marked the first application of a new $1.2 billion credit facility established by the Canadian government specifically to fund regional jet sales. It also relieved Bombardier of its exposure to an interim private loan issued at the point of sale.

March 19, 2007 - 10:50am

World banking giant Bank of America (Booth No. 700), a long-time player in fixed-wing financing, announced yesterday its entrance into the rotorcraft market. Although the bank has financed helicopters on an individual basis in the past, this marks the company’s first attempt at luring a broad spectrum of new clients.

March 16, 2007 - 9:48am

Want to know what your aviation state taxes are being used for, how to apply for refunds and other tax details? Then you might want to check out the 2004 State Tax Guide for General Aviation from costing analysts Conklin & de Decker. The guide, which comes on a CD-ROM, also shows how sales and use taxes apply to aircraft sales, ownership, leases, parts, labor, fuel purchases and maintenance.

 
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