Many companies that operate business aircraft may benefit from the relief provisions provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020.
In an article for the National Business Aviation Association (NBAA), Holland & Knight Partner John Hoover discusses a number of tax provisions of interest to the business aviation industry. The article explains the tax holiday provided by the CARES Act for the remainder of 2020 from the Federal Excise Tax on air transportation as well as amendments made to several income tax code sections that may affect owners and operators of business aircraft.
For further information or guidance on how the CARES Act provisions may impact your business specifically, contact the author.
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