The 7.5% FET holiday on private jet charters and jet cards is set to expire Dec. 31 and isn’t being extended by Congress in the Consolidated Appropriations Act, 2021
According to an analysis of the 5,593 pages of the House amendment to the Senate amendment of H.R. 133, or the Consolidated Appropriations Act, 2021, there’s good news and bad news.
A top executive from the National Business Aviation Association says don’t expect the Federal Excise Tax holiday to be extended
Congressional leaders in Washington D.C. are still trying to work out additional relief for companies and individuals impacted by the COVID-19 pandemic. Don’t expect an extension of the holiday for the 7.5% Federal Excise Tax (FET).
The fractional share operator is the latest jet card seller to offer an extended tax holiday if you purchase before the CARES Act expires at the end of 2020
Another day, another private aviation provider that is now saying if you buy one of its jet cards before the end of the year, your flights in 2021 and beyond will be free of the 7.5% Federal Excise Tax.
Sentient is the latest jet card provider to tell customers cards purchased through year’s end will save the 7.5% Federal Excise Tax for flights until funds are used
If you fly with Sentient Jet or are considering buying a jet card before the end of the year, the unit of Directional Aviation’s OneSky Flight unit is the latest provider to offer tax savings beyond the current expiration of the CARES Act, scheduled for Dec. 31, 2020.
NetJets, Nicholas Air, Jets.com, Airstream Jets, and Magellan Jets have previously said they would extend the tax benefit, a savings of 7.5% for domestic flights, and those that start or end within 220 miles of the U.S. northern and southern borders, for the life of the cards they sell.
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
(Updated Oct. 23, 2020) 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 assistance legislation eliminates the 7.5% FET between March 28, 2020, and year’s end
What are the best strategies for Jet Card flying during the FET holiday
Updated April 6, 2020 @7:16pm
One point of the 880-page CARES Act is a waiver of the 7.5% Federal Excise Tax (FET). The holiday lasts between March 28 and December 31, 2020. It’s normally levied for domestic Part 135 flights, which includes domestic jet card trips. It was also applied to U.S. flights that start or end within 200 miles of the southern and northern borders.
You might naturally assume that you won’t pay FET for flights during the rest of the year. You would be wrong. It depends on your program. So, how does this impact you?