Keith Swirsky Quoted in NBAA Article About Immediate Expensing
News
National Business Aviation Association
A bill recently introduced in the U.S. Senate could make an important tax depreciation rule that has stimulated the sale of new and used business aircraft a permanent part of the tax code.
Under the 2017 Tax Cuts and Jobs Act, eligible taxpayers can now deduct 100% of the cost for qualifying new or used aircraft or fractional shares in the first year of ownership. This provision – known as immediate expensing or bonus depreciation – however, is only available to taxpayers until the end of 2022 when the available immediate deduction begins to phase-down.
That could change, though, with the introduction of the Accelerated Long-Term Investment Growth Now Act by Sen. Pat Toomey (R-PA), which would make full expensing permanent.
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The ability to fully expense an aircraft purchase has been positive for the business aviation community, said Keith Swirsky, president of GKG Law and chairman of the firm’s Business Aviation Group and Tax Group. “The benefits of immediate or full expensing are compelling, and this tax provision certainly has incentivized people to purchase an aircraft who otherwise would not have made that purchase or might have stayed with fractional ownership,” he said.
Read the article in its entirety here.
