Fiscal Cliff Deal Extends Bonus Depreciation and

Posted on January 4, 2013

…retroactively enhances expensing election for 2012 and into 2013

On January 2, 2013, Congress completed passage of a bill addressing, at least in part, the so-called “fiscal cliff” of impending tax changes slated to occur at the end of 2012.  President Obama is expected to quickly sign the package into law.  Of particular interest to those acquiring aircraft in 2013 or 2014, the law will extend the purchasing incentive of bonus depreciation, making it broadly available in 2013, and available to certain aircraft acquired in 2014 pursuant to contracts entered into this year.  Further, many who acquired aircraft, or invested in aircraft upgrades, during 2012 will benefit from the law’s retroactive increase in the amount of such investment that can be expensed in the 2012 tax year.

 

Notably:

  • 50% Bonus Depreciation Available to 2014 Aircraft Under Contract in Place in 2013
  • Section 179 Expensing Election Retroactively Enhanced for 2012 and Into 2013

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