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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012
Jets for Vets Act of 2012

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to close the corporate jet depreciation loophole and to increase the work opportunity tax credit for veterans.

Actions Overview (1)

03/16/2012Introduced in House

All Actions (2)

03/16/2012Referred to the House Committee on Ways and Means.
Action By: House of Representatives
03/16/2012Introduced in House
Action By: House of Representatives

Cosponsors (4)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Scott, Robert C. "Bobby" [D-VA-3] 03/26/2012
Rep. Bordallo, Madeleine Z. [D-GU-At Large] 03/28/2012
Rep. Deutch, Theodore E. [D-FL-19] 04/24/2012
Rep. Chu, Judy [D-CA-32] 05/08/2012

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means03/16/2012 Referred to

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Subjects (8)

Latest Summary (1)

There is one summary for H.R.4199. View summaries

Shown Here:
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.