Sec. 203. Elimination of private jet giveaway
163 words·~1 min read·
/bill/113/s/277/is/section-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(C)of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (iv), by redesignating clause
(v)as clause (vi), and by inserting after clause
(iv)the following new clause: any general aviation aircraft, and . Paragraph
(3)of section 168(g) of the Internal Revenue Code of 1986 is amended by inserting after subparagraph
(E)the following new subparagraph: In the case of any general aviation aircraft, the recovery period used for purposes of paragraph
(2)shall be 12 years. . Subsection
(i)of section 168 of the Internal Revenue Code of 1986 is amended by inserting after paragraph
(19)the following new paragraph: The term general aviation aircraft means any airplane or helicopter (including airframes and engines) not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers. . This section shall be effective for property placed in service after December 31, 2012.