SwampFox

Aircraft Buying Just Got Sweeter

Submitted by: Lara Kaufmann on Jan 25, 2011 at 3:06 pm Tagged with: airplane, Aviation, GMU Source: Greenville Downtown Airport

"There are some great tax incentives for buying aircraft right now. In fact, we have spoken to multiple people who are considering new aircraft rather than used because of this incentive program," stated James Stephens, Aviation Account Specialist with Special Services Corporation (SSC), an aircraft sales, service and charter company located at the Greenville Downtown Airport (GMU) in South Carolina.

"The Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R.4853) that went into law on December 17th provides extensive depreciation benefits to aircraft purchasers," according to Steve Wiley, Aviation Account Specialist with SSC. "During 2011, it permits 100% depreciation of capital investments which include engines, avionics and other upgrades. It will allow a 50% depreciation for these purchases in 2012. The bill recognizes the longer lead times of new general aviation aircraft, granting a 1 year extension of placed in service requirements under certain conditions. The bill also extends the research and development tax credit through 2011," added Wiley.

For more specifics on bonus depreciation, consult your tax advisor or Advocate Consulting Legal Group at www.advocatetax.com

For more information about Special Services Corporation visit www.specialservicescorp.com or contact James Stephens at 864-918-9313 or Steve Wiley at 864-430-3523.