On January 2nd, President Obama signed into law H.R. 8, the ‘American Taxpayer Relief Act of 2012’ (2012 Tax Payer Relief Act, public law number P.L. 112-240).
Unless Congress votes for an extension, 100% Bonus Depreciation* tax incentives currently available for new aircraft purchased for business purposes in 2011, will end December 31st. These significant incentives may provide up to 100% depreciation in the first year of service for qualified aircraft purchases. In 2012, Bonus Depreciation is slated to drop to 50% -- however certain circumstances will also allow for 100% depreciation on 2012 tax returns if you act now.