NBAA Releases Updated Business Aviation Tax Guide

NBAA released its new Federal Excise Taxes Guide late last week, marking the first time the guidelines have been updated since 2005. It is intended to provide business aircraft owners, flight departments and charter operators with a basic understanding of the federal excise taxes (FET) that apply to business aircraft activity. The updated guide includes the latest information from the IRS and other resources, including the application of FET on fractional aircraft ownership program operations and IRS legal interpretations regarding aircraft service and pilot service agreements, among others.