PROPOSED LIMITATION OF ILLINOIS COMMON CARRIER TAX EXEMPTION

On April 12, 2013, the Illinois Senate passed SB2326, which at the time of this writing is now being considered by the Revenue and Finance Committee of the Illinois House. Included in the bill is a significant change to the Illinois Common Carrier Tax Exemption (referred to as Illinois “Rolling Stock”) that should be of significant concern to the general aviation community. The change would directly affect the following Illinois taxes: Use Tax; Service Use Tax;

Tax Change Helps Executives Afford Pricier Planes

The recent changes to the tax code are giving business executives a new perk: the opportunity to deduct the entirety of a corporate-jet purchase.

President Trump signed more than 100 changes to the U.S. tax code into law at the end of last year. Among them: The price of a new or used airplane purchased by a company can be a 100% write-off against its earnings.

That is a major change.