With companies across the country eager to get back to business again, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides an added benefit to organizations that utilize the safety of private aviation. As part of the CARES Act, a tax holiday is in place through December 31, 2020, which suspends certain excise taxes on business aviation.
Interested to learn more about how the CARES Act applies to Business Aviation? Click here to learn more from National Business Administration Association (NBAA)
As a stimulus to boost the American economy, the U.S. government will not impose the 7.5% federal excise tax (FET) on all private travel purchased before Dec. 31, 2020. For a limited time, companies and individuals that purchase jet time before the end of the year can fly at any time in 2020, 2021 and beyond, with the entire purchase also exempt from the normal 7.5% federal excise tax. The excise tax holiday applies to taxes normally imposed on amounts paid for the transportation of persons and property by air under I.R.C. §§ 4261 and 4271 between March 28, 2020, and Dec. 31, 2020.
Overall, air transportation excise taxes affected by the holiday include:
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Magellan Jets extends even more benefits to guests during this tax holiday by offering longer contract terms on all hours purchased now through the end of year. Whether it’s exploring a jet card or becoming a member, act now to enjoy a risk-free way to invest in your future travel. Our Private Aviation Consultants are available now to help you and your organization get back to business, efficiently and safely.
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Magellan Jets jet card ownership, jet membership, on-demand charter, aircraft sales and management are programs of Magellan Jets, LLC (Magellan Jets®). Magellan Jets (the Air Charter Broker) acting as an “Authorized Agent” for the Program Member (Charterer) shall; maintain non-owned aircraft liability insurance, and personal injury coverage, contract for transportation services with only FAR Part 135 or 121 Direct Air Carriers or their foreign Civil Aviation Authority (CAA) equivalent that operate and exercise full operational control over those flights at all times. Magellan Jets does not own or operate aircraft nor is a direct or indirect carrier. Flights will be sourced through a proprietary Magellan Jets Preferred Network of Direct Air Carriers that meet all FAA or CAA safety standards and additional safety standards established by Magellan Jets.Magellan Jets does provide access to aircraft management services which are provided by FAR Part 135 and 91 Direct Carriers or their foreign Civil Aviation Authority (CAA) equivalent that manage the full or partial operation of the aircraft on behalf of the Owner (Aircraft owner) and exercise full operational control of all flights at all times.
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