Congressional Observer: July 2003 | Aviation International News

Regulations and Government

Congressional Observer: July 2003

Tax-cut legislation proposed by President Bush was passed by Congress at the end of May and was subsequently signed into law by the President.

By John A. Pope

July 30, 2008

Tax-cut legislation proposed by President Bush was passed by Congress at the end of May and was subsequently signed into law by the President. The bill gave the Administration about half of what was desired–$350 billion in cuts versus $726 billion. Whether the legislation will give a boost to the economy remains to be seen.

As a stimulant for aircraft sales, the tax bill contains a provision for an increase in the bonus depreciation percentage on new aircraft from 30 to 50 percent. Specifically, the 50-percent bonus depreciation will be available for new property (the purchaser must be the first to use the asset) acquired after May 5, 2003, and before Jan. 1, 2005. No binding contract should have been in existence before May 6 and for FAR Part 91 operators the property must be placed into service before Jan. 1, 2005.

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