Finance, Taxes, Insurance
Depreciation benefit bill clears all hurdles
Both houses of Congress passed a bill that extends until December 31 next year the “placed-in-service” deadline for business aircraft purchased on or befor

Both houses of Congress passed a bill that extends until December 31 next year the “placed-in-service” deadline for business aircraft purchased on or before December 31 this year to qualify for a 50-percent bonus depreciation allowance. It became law when President Bush signed the bill on October 22.

Under the previous law, an aircraft purchased before this December 31 had to enter service by that date to qualify for the accelerated depreciation benefit, a practical improbability because of long production lead times in an industry that does not stockpile inventories.