NBAA is praising issuance of a pre-publication final rule by the U.S. Internal Revenue Service (IRS) that exempts owners who conduct flights on their own aircraft with a management company’s assistance from paying the 7.5 percent federal excise tax (FET) for commercial flights.

The Tax Cuts and Jobs Act (TCJA) passed in 2017 included language specifying this exemption, but now the IRS’s final rule, which is pending publication in the Federal Register, will codify it.

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