Wolcott & Associates Latest News
Tuesday February 26, 2008
Bush Signs 2008 Stimulous Package
On February 7th, President Bush signed the Economic Stimulous Act of 2008. In addition to individual tax rebates, the Act provides 50% bonus depreciation on certain new aircraft acquisitions, and increases the Sec. 179 deduction to on all purchases to $250,000.
Monday February 4, 2008
Vermont Repeals Tax on Aircraft Parts
The Vermont Legislature has repealed state sales tax on aircraft repair parts and services, in an effort to keep parts and maintenance business from leaving Vermont for the New York or New Jersey that have already exempted aircraft repairs
Sunday January 20, 2008
Calif Fractionally Owned Aircraft Bill 87
The California Board of Equalization published forms to implement Senate Bill 87 on Fractionally Owned Aircraft. The forms are designed to be prepared and submitted by the fractional program manager. The forms and instructions are described in Issue Paper Number 08-001 through the BOE.
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