A years-long advocacy campaign by NBAA and its partners culminated recently with a final rule from the IRS clarifying the applicability of federal excise taxes to management companies and aircraft owners. The rule also prevents the improper and retroactive application of FET charges. “We worked with the IRS and the Treasury Department, then we finally went to Capitol Hill,” said Scott O’Brien, NBAA senior director for government affairs. “Congress spoke and made clear that if you are flying on your own aircraft, and have the assistance of a management company, there’s no commercial transportation tax; it’s treated just like any non-commercial Part 91 flight.”
In today’s episode of NBAA’s “Flight Plan,” host Rob Finfrock speaks with:
John Hoover, partner at Holland and Knight and chair of the NBAA Tax Committee
Scott O’Brien, NBAA senior director, government affairs
Industry experts with decades of combined real-world experience south to bring some perspective to the recent IRS announcement that the agency will “begin dozens of audits” of companies that use business aircraft, with a focus on tax policies related to non-business use of the aircraft, as well as other key considerations, during an NBAA News Hour webinar.
Throughout February, NBAA has marked Black History Month by recognizing the significant aviation contributions of African Americans and emphasizing the importance of ensuring our industry is open and welcoming to people from all backgrounds.