Senate OKs Tax Break For Aircraft Sales

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The Senate has okayed the continuation of a tax break for companies that buy airplanes before the end of this year, and both the National Business Aviation Association and the General Aviation Manufacturers Association welcomed the news. The tax break, known as “bonus depreciation,” allows companies to take a bigger tax deduction in the first year of ownership rather than spreading it over five years. One general aviation manufacturer said the provision helped close 55 percent of its aircraft sales last year, according to GAMA. “This incentive is a critically needed measure for bringing back jobs and boosting economic recovery in our industry,” said GAMA President Pete Bunce. NBAA President Ed Bolen called on the House to quickly approve the House bill to allow time for sales to close before the end of the year.

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