This is not much but at least its GOOD news!!
TAX CUT BILL INCREASES BONUS DEPRECIATION ON NEW AIRCRAFT
The final version of the tax cut legislation, now awaiting President Bush's
signature, contains an increase in the bonus depreciation percentage from
30% to 50%. NBAA and the General Aviation Manufacturers Association were at
the forefront of the effort to convince Congress to make this change. The
details are as follows: 50 percent bonus depreciation will be available for
new property (the purchaser has to be the first to use the asset) acquired
after May 5, 2003 and before January 1, 2005. (The original 30 percent bonus
depreciation provided that property had to be purchased before September 11,
2004.) There must not have been a binding contract in existence before May
6, 2003. The placed-in-service rules remain the same as for 30 percent bonus
depreciation. For most Part 91 operators, the property must be placed in
service before January 1, 2005. For more information, contact NBAA's Pete
West at [email protected] or visit:
http://www.nbaa.org/gov/hr2_bonusdepreciation.htm
TAX CUT BILL INCREASES BONUS DEPRECIATION ON NEW AIRCRAFT
The final version of the tax cut legislation, now awaiting President Bush's
signature, contains an increase in the bonus depreciation percentage from
30% to 50%. NBAA and the General Aviation Manufacturers Association were at
the forefront of the effort to convince Congress to make this change. The
details are as follows: 50 percent bonus depreciation will be available for
new property (the purchaser has to be the first to use the asset) acquired
after May 5, 2003 and before January 1, 2005. (The original 30 percent bonus
depreciation provided that property had to be purchased before September 11,
2004.) There must not have been a binding contract in existence before May
6, 2003. The placed-in-service rules remain the same as for 30 percent bonus
depreciation. For most Part 91 operators, the property must be placed in
service before January 1, 2005. For more information, contact NBAA's Pete
West at [email protected] or visit:
http://www.nbaa.org/gov/hr2_bonusdepreciation.htm
