Stetson Aircraft Sales, Inc.
Toll Free 877-520-8118
The 2008 Economic Stimulus Package signed into law in February contains a significant benefit for aircraft purchases. Basically, the law allows a 50% tax deduction the first year with the possibility of an additional $250,000 expensing election if qualified. In order to take advantage, the aircraft must be purchased, delivered and put into service during calendar year 2008.
An example by Advocate Consulting shows a 182T costing $367,000 would have a maximum first year depreciation of $320,200 or 87% of purchase price. This will vary based on individual circumstances and interested persons should consult with their tax professionals.*
If you have been considering an aircraft purchase anyway and are just waiting for the "right time", this might be as good as it gets. And earlier is better while availabilities are good.
The following links are offered as sources of more detailed information:
Advocate Consulting- www.advocatetax.com
Aviation Tax Consultants- www.aviationtaxconsultants.com
*Information provided here is intended to be general in nature and not represented to be tax or legal advice. Consult with tax and legal professionals for information specific to individual circumstances. Stetson Aircraft Sales, Inc. has no business relationship with Advocate Consulting or Aviation Tax Consultants and their references do not constitute a recommendation.