[JYO] New tax law contains benefits for GA owners


from AOPA...
New tax law contains benefits for GA owners
June 10 — Aircraft owners who buy their aircraft for business use picked up a 
couple of perks in the recently passed tax bill. Lawmakers quadrupled the 
size of so-called Section 179 expense election deduction, and both extended and 
boosted a special post-September 11 depreciation allowance that is intended to 
encourage increased capital spending.
In plain English: if you buy a new aircraft for business use, you may be able 
to significantly reduce your tax burden. But there are strings attached.
"Owners need to check carefully before claiming either of these deductions," 
said AOPA Counsel Kathy Yodice. "There are particular requirements that need 
to be met before the deduction will be allowed, and states have some say in 
whether they'll allow some of these deductions on your state tax return. 
Nevertheless, these tax changes should benefit many aircraft owners."
For more background on the new tax law impacts, <A 
href="/whatsnew/newsitems/2003/030610tax.html">click here</A>. For specific 
information, contact your tax adviser.
- - - 
Local Aircraft Dealers are:
OMF Symphony - <A 
href="http://www.eastcoastsymphony.com";>www.eastcoastsymphony.com</A>
Diamond - <A 
href="http://www.midatlanticdiamond.com";>www.midatlanticdiamond.com</A> 
Beechcraft - <A 
href="http://www.flypiedmont.com/sales/index.html";>http://www.flypiedmont.com/sales/index.html</A>

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