Guidance from the IRS infers if you buy a Jet Card now, you can save the 7.5% Federal Excise Tax for flights next year, maybe
Get ready for a possible flood of email offers from private jet companies. The offer is to buy a jet card now for flights in 2021 and beyond. The goal is to save the 7.5% Federal Excise Tax for those post-New Year’s trips.
As part of the CARES Act, the collection of the tax is suspended through Dec. 31, 2020. Unless new legislation is put into place, it will snap back into effect on Jan. 1, 2021. The tax applies to domestic flights and those that begin or end within 225-miles of the Canadian and Mexican borders.
Jet card broker Magellan Jets is promoting tax-free private jet flights after the CARES Act tax holiday expires at the end of 2020.
Jet card broker Magellan Jets is wading into what could be a hot topic for the rest of the year.
Can you save the 7.5% Federal Excise Tax on jet card charter flights in 2021 if you buy before the end of the year? As part of the CARES Act, the collection of the tax is suspended through Dec. 31, 2020. Unless new legislation is put into place, it will go back into effect on Jan. 1, 2021.
The Covid-19 Coronavirus rescue package rescinds 7.5% Federal Excise Tax (FET) for on-demand charters and jet cards
On-demand and jet card charter customers won’t have to pay FET for flights through the end of 2020
Jet card and on-demand charter customers should review invoices to ensure they aren’t being charged the FET
Business aviation in the U.S. is getting some relief as part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, passed last week by both houses of Congress and signed by President Donald J. Trump.
For consumers, the most noticeable impact is that Part 135 operators (and you) don’t have to pay the 7.5% Federal Excise Tax. The levy applies for domestic flights or flights to and from the U.S. beginning or ending within 225 miles of the border with several exceptions.