Corporate Jet Set May Get Taxed

Legal Info Service (US)

Soon, jetting from meeting to meeting may not be as economically feasible as it once was. A new provision in the tax-cut extension package was recently approved by the senate which would require executives to pay income tax on the company's actual cost of providing personal use of a company airplane. The provision is projected to raise an estimated $95 million in extra revenue for the government over the next 10 years. It is headed for House vote this month.