April 8, 2020

Business Aviation Tax Provisions in the CARES Act

Holland & Knight Alert
John B. Hoover

Many companies that operate business aircraft may benefit from the relief provisions provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020.

In an article for the National Business Aviation Association (NBAA), Holland & Knight Partner John Hoover discusses a number of tax provisions of interest to the business aviation industry. The article explains the tax holiday provided by the CARES Act for the remainder of 2020 from the Federal Excise Tax on air transportation as well as amendments made to several income tax code sections that may affect owners and operators of business aircraft.

For further information or guidance on how the CARES Act provisions may impact your business specifically, contact the author.

DISCLAIMER: Please note that the situation surrounding COVID-19 is evolving and that the subject matter discussed in these publications may change on a daily basis. Please contact your responsible Holland & Knight lawyer or the author of this alert for timely advice.

Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem. Moreover, the laws of each jurisdiction are different and are constantly changing. If you have specific questions regarding a particular fact situation, we urge you to consult competent legal counsel.

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