Bonus tax benefit bill may soon become law | Aviation International News

Finance, Taxes, Insurance

Bonus tax benefit bill may soon become law

The House of Representatives approved the American Jobs Creation Act of 2004 (H.R.4520) on June 17, paving the way for a one-year extension of the time all

By AIN Staff • AIN Staff

April 2, 2007

The House of Representatives approved the American Jobs Creation Act of 2004 (H.R.4520) on June 17, paving the way for a one-year extension of the time allotted to place into service business aircraft purchased under the accelerated-depreciation tax bonus.

The House bill, passed by a vote of 251-178, extends the placed-in-service deadline from the end of this year to the end of next year. Because the Senate already passed its version of the tax bill, which included the same provision for extending the placed-in-service requirement, it is anticipated that the new deadline will be included in the final bill that emerges from a House/Senate conference committee to iron out differences in the two measures.

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