Friday, March 8, 2024
The National Business Aviation Association (NBAA) issued a response to the tax proposals concerning business aviation mentioned in President Biden’s State of the Union address this evening.
“Of course, every American business should pay the taxes they owe, but President Biden has unfairly chosen to target those who use business aviation, even though the vast majority of flights are taken by U.S. companies to help them compete effectively in a global marketplace,” NBAA President and CEO Ed Bolen said.
“Business aviation allows companies to optimize efficiency, productivity and flexibility and access hard-to-reach communities across the country with little or no airline service. That’s why the president’s own Cabinet members sometimes use business aircraft to do their jobs and visit with people in towns and cities across the nation.”
Bolen continued: “The IRS has not identified a compliance gap in business aviation, which in fact is an industry that supports 1.2 million jobs and contributes $250 billion to the nation’s economy.”
Bolen emphasized that the primary use of most business aviation aircraft is for business purposes. Studies conducted independently reveal that the bulk of business aviation flights cater to mid-level personnel such as technical and engineering staff, managers, as well as company clients and customers. Furthermore, the majority of organizations utilizing business aviation are typically small or medium-sized businesses.
It is imperative for companies utilizing business aviation to adhere strictly to tax laws and relevant Securities and Exchange Commission regulations. To facilitate compliance, NBAA arranges biannual tax seminars aimed at educating members on regulatory requirements.
“Business aviation is an industry that is essential to America’s economy and transportation system,” Bolen said. “It supports jobs, connects communities, helps companies succeed and provides humanitarian lift in times of crisis. This is an industry that should be promoted, not pilloried.”
Established in 1947 and headquartered in Washington, DC, the National Business Aviation Association (NBAA) stands as the foremost entity for enterprises leveraging general aviation aircraft to enhance their operational efficiency and success. With a membership exceeding 10,000 companies and professionals, NBAA offers over 100 specialized products and services tailored to the needs of the business aviation sector. Among its flagship offerings is the NBAA Business Aviation Convention & Exhibition (NBAA-BACE), recognized as the largest trade show in civil aviation worldwide. Explore further insights into NBAA’s mission and offerings at nbaa.org.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
