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Ben Shirazi notes industry-wide expectations for bonus depreciation to be reset to 100% with possibility of retroactive refunds

FORT LAUDERDALE, Fla., Nov. 27, 2024 /PRNewswire-PRWeb/ -- SmartJets, a leading turnkey business aircraft dealer-broker, today announced its optimism about the reversal of the bonus depreciation phase-out under the second Trump administration.

Bonus depreciation is a US tax incentive that allows businesses to deduct a percentage of the cost of an aircraft in the year it is purchased. 100% bonus depreciation was introduced in 2017. In 2023, the program was halted and a 20% per year phase-out was initiated. Thus, aircraft entering service in 2023 were eligible for 80% bonus depreciation and aircraft entering service this year are eligible for 60% bonus depreciation.

"Phasing out the bonus depreciation initiative hurt the private aviation business in this country," says Ben Shirazi, President, SmartJets and President, VIP Completions. "It is my hope, and it seems to be an industry-wide expectation, that the incoming Trump administration will reverse the phase-out, reset bonus depreciation to 100% for 2025 and – possibly – offer retroactive refunds. The bonus depreciation incentive was part of the Tax Cuts and Jobs Act of 2017, legislation passed early in the first Trump administration. To revert to its original terms seems entirely consistent with President Trump's return to the Oval Office and it is widely expected that this will happen in the early days of the next administration."

About SmartJets LLC

With several members of the SmartJets team counting more than 30 years of experience in business aviation, they have collectively concluded close to $5 billion in business aviation transactions over their careers to date. With a commitment to delivering the highest levels of client service, in-depth industry knowledge, an impressive international network and expertise in regulatory matters, SmartJets is ready to assist clients in finding the right solution for their business aircraft purchases, sales, trades, financing or leasing. For more information, please visit .

Media Contact:

Mark Lowe, PRagmatic Communications

mark(dot)lowe(at)pragcom(dot)com / +1-514-576-2519

Media Contact

Mark Lowe, SmartJets, 1 (514) 576-2519, [email protected],

SOURCE SmartJets