H.R.4199 - Jets for Vets Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Rigell, E. Scott [R-VA-2] (Introduced 03/16/2012)|
|Committees:||House - Ways and Means|
|Latest Action:||03/16/2012 Referred to the House Committee on Ways and Means.|
This bill has the status Introduced
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Summary: H.R.4199 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (03/16/2012)
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.