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HR 4199 112th Congress House Taxation Aviation and airports Business investment and capital Employee hiring Income tax credits Income tax deductions Motor vehicles Veterans' education, employment, rehabilitation

Jets for Vets Act of 2012

Introduced: March 16, 2012 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 16, 2012
Referred to the House Committee on Ways and Means.
Mar 16, 2012
Introduced in House
 Plain-English summary Congressional Research Service

Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012 or the Jets for Vets Act of 2012 - Amends the Internal Revenue Code to classify general aviation aircraft as seven-year property for purposes of the depreciation tax deduction (currently, expenses for aircraft can be deducted or expensed in the current taxable year). Defines "general aviation aircraft" as any airplane or helicopter not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers.

Increases the work opportunity tax credit for the hiring of veterans by increasing the dollar limitation on veteran wages eligible for such credit with revenue saved from the depreciation reclassification of general aviation aircraft by this Act.

What's happening now March 16, 2012

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2