Referred to the House Committee on Ways and Means.
Summary
The bill amends the tax code to eliminate deductions for costs associated with private planes, except when the aircraft is used for transporting goods, certain emergency or agricultural work, or specific business activities like flight instruction, skydiving, scheduled passenger service, or sightseeing. It affects any taxpayer who currently claims depreciation or operating expense deductions for a private jet. The change is intended to stop federal tax subsidies that effectively lower the price of private jet ownership and operation.
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