Elevate Jet Helps Clients Qualify For Tax Bonus Depreciation

Elevate Jet navigates the complexities of the aviation market, supporting owners through every step of the process. Our MRO facility in Salt Lake City, UT has slots available to conduct pre-purchase inspections (PPI) to qualify purchases for the Tax Bonus Depreciation. 

What Is the Tax Bonus Depreciation? 

Established in the Tax Cuts and Jobs Act (TCJA) in 2017, the bonus depreciation tax incentive enacted 100% bonus depreciation to encourage investments in business property, including new and used general aviation aircraft. The 2017 parameters allowed owners to write off 100% of the cost of eligible property. 

How Do I Claim The Tax Bonus Depreciation?

In 2023, the 100% bonus depreciation dropped 20% and will continue to drop an additional 20% until it reaches 0% in 2027. 

For businesses looking for the highest benefit to annual tax payouts, it is crucial to act quickly. In 2023, owners can deduct 80% of the cost of an aircraft put into service before Dec. 31, 2023. While the 60% bonus depreciation still benefits businesses, the 20% in 2023 can impact tax payouts. 

Bonus depreciation is a gainful tax savings tool for businesses as it allows for an immediate deduction of the cost of eligible property in the first year of ownership. As an accelerated business tax deduction, businesses can deduct a large percentage of the purchase price of qualified assets upfront, reducing a company's income tax and tax liability.

Claiming The Largest Tax Bonus

The team at Elevate Jet stays immersed in market data and analysis and technical aircraft knowledge to ensure businesses and individuals choose the most advantageous investment. With deep-rooted industry insight and expansive resources, Elevate can close deals quickly and guide businesses through meeting the eligibility requirements for the highest possible bonus depreciation. 

Book a PPI with Elevate Jet. Slots are available at our Salt Lake City MRO facility, and our expert team can travel to conduct aircraft inspections. Contact Elevate Jet today to take advantage of the bonus depreciation before the end of the year by sending a message to contact@elevate-mro.com or call +1(385)509-3780.

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