The Securities and Exchange Commission (SEC) has launched an investigation into the accounting of certain maintenance costs by St. George, Utah-based SkyWest. Revealed in the company’s latest quarterly financial statement, released May 10, the probe relates to an accounting method change SkyWest instituted for certain engine overhaul expenses starting Jan. 1, 2002.
The FAA is developing a notice of proposed rulemaking (NPRM) addressing special requirements for the interiors of transport-category business jets. If enacted, these standards can be used instead of the current requirements, which were originally intended for transport-category airplanes operated by airlines.
• Congress recessed for the 4th of July, as it generally does when there is a national holiday, but, before adjourning, lawmakers passed a $94.5 billion emergency spending bill that included funds for military operations in Iraq and Afghanistan, hurricane recovery on the Gulf coast, a border security plan and avian flu preparedness.
Transportation Secretary Norman Mineta, a long-time advocate for general aviation and the lone Democrat in President Bush’s Cabinet, shocked and saddened the transportation industry when he announced his resignation June 20. He oversaw the DOT’s response to the 9/11 attacks, and his 5.5-year tenure was the longest in the history of the agency.
Norman Mineta will step down July 7 after serving as DOT Secretary for more than five years, saying, “It is time for me to move on to other challenges.” Mineta was a member of Congress in 1994, and NBAA said the 74-year-old Democrat’s “understanding of general aviation” helped guide the legislative body to pass the General Aviation Revitalization Act.
The FAA has referred its civil penalty case against Platinum Jet Management to the U.S. Attorney General in the office of the Department of Justice for further action. Platinum Jet Management and the FAA last month apparently failed to reach a compromise agreement on the agency’s proposed July 2005 $1.86 million civil penalty against the company for allegedly operating numerous for-hire flights without an operating certificate.
New York’s state Senate passed legislation (S.3655) sponsored by Sen. Bill Larkin (R-Croton-on-Hudson) to provide a sales and use tax exemption on general aviation airplanes to be operated under Part 91 and purchased in the state. The exemption, if passed by the state’s Assembly and signed by the governor, would go into effect on December 1.
• The dog days of August descended on the Capitol right on schedule, and Congressional lawmakers escaped the doldrums as they usually do–by recessing for the month. Most headed for their home districts to catch up locally and
to prepare for the coming elections.
The comment period on a notice of proposed rulemaking (NPRM) to establish operational life limitations designed to prevent widespread fatigue damage primarily in large commercial transport aircraft (those with an mtow of more than 75,000 pounds) has been pushed from July 17 to September 18. The NPRM is one of several rulemaking actions that are part of the FAA’s aging-aircraft program.
September 18 is the comment deadline on a notice of proposed rulemaking (NPRM) to establish operational life limitations designed to prevent widespread fatigue damage primarily in large commercial transport aircraft (those with mtow of more than 75,000 pounds). The NPRM is one of several rulemaking actions that are part of the FAA’s aging-aircraft program.