OWN A PRIVATE JET
Under U.S. tax law, flights sold by an “aircraft management company” comes with two taxes for passengers: a fee of 7.5 percent on the ticket price, and a flat dollar amount for each segment of a domestic flight. It was unclear whether it applied to companies that maintain private jets on behalf of their owner — until now.
The Republican tax law goes against a 2012 IRS memo to formalize a policy that transportation via private jet isn’t subject to the same taxes as commercial air travel. That should help supplement the billion-plus dollars in tax breaks private jet owners already get each year.