To Maximize Deductions The Taxpayer Must Place Aircraft in Service in 2013
Current tax law provides for both bonus depreciation and an enhanced expensing election available to new aircraft purchasers. Fifty percent (50%) bonus depreciation is available for all new aircraft, including fractional interest, that are used primarily for business. The enhanced expensing election of $500,000 applies to new or used aircraft placed in service by “qualifying small business” taxpayers. A qualifying small business is one that invests less than $2,000,000 in total equipment purchases during the year.
