Business


Private-jet owners may benefit from a Republican tax bill before the Senatethat proposes exempting excise taxes on the management fees of private planes.

Currently, a 7.5 percent tax is levied on each leg of commercial air travel. The bill would ensure that management costs of private planes, such as maintenance and storage, are not taxed.

The measure’s roots stretch back five years when the Internal Revenue Service determined that while individuals may own private jets, the owner “relinquished possession” of the aircraft when handing it over to the management companies that provide crew and maintenance, and therefore the services are subject to tax.



Source: https://www.cnbc.com/2017/11/17/private-jet-management-could-be-shielded-from-taxes-under-senate-tax-bill.html

Products You May Like

Articles You May Like

Your odds of a more secure retirement are improving
Newell edges past estimates, helped by fragrances and containers
A tax-free account for Medicare that very few people use
Medtronic’s quarterly profit meets expectations
Bonds are entering a rising rates cycle for the first time since the 1940s

Leave a Reply

Your email address will not be published. Required fields are marked *