Immediate Expensing Allows Eligible Taxpayers To Deduct The Full Cost Of Qualifying Capital Equipment
NBAA has applauded both Sen. Pat Toomey (R-PA) and Rep. Jodey Arrington (R-19-TX) for reintroducing the Accelerate Long-Term Investment Growth Now (ALIGN) Act, legislation that will make permanent immediate expensing, also known as bonus depreciation, which is a proven incentive for business aircraft transactions. Immediate expensing allows eligible taxpayers to deduct the full cost of qualifying capital equipment, including new and used business aircraft, in the first year of ownership. This provision was modified and extended as part of the Tax Cuts and Jos Act, but is scheduled to start phasing out at the end of 2022 and fully phase out by 2027