U.S.: Excise Tax on Aircraft Management

The U.S. Internal Revenue Service has issued proposed rules relating to the excise taxes imposed on air transportation of persons and property. Specifically, the proposed regulations relate to the exemption for amounts paid for certain aircraft management services. The proposed regulations also amend, revise, redesignate, and remove provisions of existing regulations that are out-of-date or obsolete and generally update the existing regulations to incorporate statutory changes, case law, and other published guidance. Comments are due by September 29.