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Bonus Depreciation and Corporate Aircraft by Edward H. Kammerer
Hinckley, Allen & Snyder LLP - Providence Office
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October 16, 2009
Previously published on September 2009
The Internal Revenue Code provides substantial tax benefits to owners of qualifying business aircraft. Perhaps the most significant benefit available to owners of business aircraft is the depreciation deduction that allows the owner of an aircraft to recover the cost of its aircraft. As a result of recent legislation, the Job Creation and Worker Assistance Act of 2002 (the "Assistance Act"), the benefits of depreciation have been improved for certain types of "qualified property." This article will explore the scope of the new depreciation benefits for business aircraft and the requirements that must be satisfied in order for a business aircraft to qualify for the accelerated depreciation benefits. Please note that the Assistance Act provides additional depreciation benefits for owners of property other than aircraft. This article, however, will focus only on those provisions of the Assistance Act that affect aircraft owners.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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