In the hours and days immediately following the tragic attacks on America of 9/11 there was much speculation about the effects on the general aviation industry. While the events of September 11/2001 have had a significant impact on the economy as a whole sales of personal aircraft in Michigan have experienced a surprising boost.
Certainly the convenience of personal transportation has played a major role in this increase as airport lines and security have become more time consuming. The reduction of flights resulting from the airline cost cutting have limited flexibility for the business person and affected the productivity of companies relying on commercial transportation.
These factors alone can not explain surge of people joining the flying community for more than just pleasure. Rebates low and 0 percent interest rates training allowances and yes even the IRS played a role in creating an environment that has introduced more people to the benefits of aircraft ownership and had an effect similar to that seen after the passage of the General Aviation Revitalization Act of 1995.
The IRS is here to help you Well believe it or not a new tax law passed earlier this year represents a renewed attempt by our nations leaders to jumpstart the economic recovery. The bill applies to new airplanes acquired after September 10/2001 and before September 11/2004 and provides tax savings from economic stimulus provisions included in the Int.