CNBC's Robert Frank reports on recent provisions to bonus depreciation.

Washington

Recent provisions in the tax law have reinstated bonus depreciation, allowing companies to immediately write off 100% of the purchase price of capital equipment, including private jets used for business purposes. This change applies to both new and pre-owned aircraft and is retroactive to the start of the year, enabling buyers who purchased earlier to benefit as well.

Previously, such assets had to be depreciated over several years, but the new rules permit the full deduction in the year of purchase, provided the jet is used for qualified business activities. Industry experts anticipate this will lead to increased demand for private jets, especially as the market had slowed following the pandemic peak.

Changes to bonus depreciation: Here's what taxpayers need to know

The new tax law gives a big boost for private jets, allowing buyers to write off the entire purchase price immediately, Robert. Joe was mentioning this earlier. It is known as bonus depreciation. It allows companies to write off 100% of the purchase price of all capital equipment. And that does include private jets that are used for business. Now, the new budget law brings back bonus depreciation. That was originally passed in 2017, but it started to phase out. So here's what it means. The full purchase price of a private jet can be written off on your taxes in the year in which it was purchased. Now, prior to 2017, you had to write it off over several years. Now, the jet has to be used for qualified business activities. That doesn't mean that you can fly to Nantucket every weekend and count it as a business expense. It is for both new and pre-owned planes. So that's a big benefit. And even better, it's retroactive to January of this year. So even if you bought a plane, let's say a couple months ago, you can still write it off. If you bought a $10 million Gulf Stream, for instance, you can deduct the entire $10 million from your taxable income. Joe, now's the chance to get your own plane. The private jet industry has been slowing a little bit after the peak demand of COVID. Brokers say they expect a spike in demand from this change starting in September. For more on how the tax bill impacts the wealthy and exactly how it works for private jets, you can sign up to my Inside Wealth newsletter. Just out now, in fact, 10 minutes ago, I just got it. It's a brand new, fresh issue. It's like a fresh Krispy Kreme donut, just out at cbc.com slash Inside Wealth, cbc.com slash Inside Wealth.

Russia has intensified its aerial attacks on Ukraine, using upgraded drones designed to cause more damage and evade air defences. In Kyiv, a young woman captured video of the drones overhead — just before explosions echoed through the city.

Kyiv

Global Tariffs

Russia’s upgraded drone tactics bring intensified attacks across Ukraine

The Ventura County Fire Department said they responded to calls of people having breathing problems at a farm in Ventura County, California, after federal agents appeared to deploy tear gas canisters into the crowd.

Ventura County

Intense standoff in California between protesters, federal agents

A federal judge has green-lit a class action lawsuit challenging President Trump's executive order to end birthright citizenship and issued a preliminary injunction blocking the order.

Judge blocks Trump's birthright citizenship order

A partial tunnel collapse in Los Angeles temporarily buried 31 workers in Los Angeles, California. CBS News' Carter Evans reports on the rescue operation.

Los Angeles

31 trapped workers rescued after tunnel collapse

U.S. Secretary of State Marco Rubio expressed “disappointment and frustration” over continued Russian attacks on Ukraine and said new sanctions on Russia are a “real option.” Kylie Atwood has more details from Kuala Lumpur, Malaysia.

Kuala Lumpur

Rubio: New Russia sanctions a ‘real option’

With Russia again bombarding Ukraine with drones, U.S. President Donald Trump says he’s considering sending another missile defence system to Ukraine.

Ukraine Invasion

Trump muses missile defence system for Ukraine

Officials in Texas are promising to address concerns about flood warnings in parts of the state, but say the ongoing search-and-rescue efforts must be complete first.

Texas

Texas officials to address flood warnings after search complete

Linda Yaccarino is stepping down as CEO of X after two years leading Elon Musk's social media company. Yaccarino's departure comes one day after the company's Grok chatbot began pushing antisemitic tropes in responses to users.

San Francisco

Yaccarino steps down as CEO of Elon Musk's X

Parts of Ukraine were on fire overnight after Russia launched its largest drone attack on Ukraine since the war unfolded. Just hours earlier, Trump directly called out Vladimir Putin for stalled peace talks.

Moscow

Trump calls out Putin for stalled peace talks

The Trump administration branded the event as one of the steps it is taking to reshape its relationship with the African continent.

Five African leaders have lunch with Trump

The search continues in central Texas for the more than 160 people still missing from the deadly floods that hit over the Fourth of July. CBS News reporter Karen Hua has more.

Kerr County

Recovery operations ongoing in Texas as more than 160 still missing

U.S. President Donald Trump announced on social media that he issued tariff letters to Algeria, Brunei, Iraq, Libya, Moldova and the Philippines.

Trump sends tariff letters to six more countries

Video released by the Houthi media center shows the bulk carrier ‘Magic Seas’ being attacked and later sinking in the Iran-backed rebel group’s first attack this year on a commercial shipping vessel in the Red Sea.

Sana'a

Middle East Conflict

Houthi rebels claim responsibility for attack on ship in Red Sea

The European Court of Human Rights in Strasbourg ruled Russia violated international law in Ukraine and was responsible for the downing of Malaysia Airlines Flight MH17.

Top European court rules Russia violated international law in Ukraine

The death toll from the July Fourth flash flood that ravaged a swath of central Texas Hill Country rose on Tuesday to at least 109, many of them children, as search teams pressed on through mounds of mud-encrusted debris looking for scores of people still missing.

Texas flood death toll hits triple digits, tally of missing tops 180

U.S. President Donald Trump pushed back during his Cabinet meeting about a question regarding Jeffrey Epstein. The DOJ claims Epstein had no list of clients, which is drawing criticism from some of the president's supporters.

Trump questioned over report saying Epstein didn't have client list

The copper industry is facing new uncertainty after U.S. President Donald Trump said he will impose 50 per cent tariffs on all copper imports. More than half of all Canadian copper exports go to the U.S.

Ontario

Trump threatens 50% tariff on copper imports

CNN’s Josh Cambell reports on questions over a lack of flood warning signals and lagging investment in river gauges in Kerr County after deadly floods killed over 100 people in Central Texas.

Officials face questions over preparedness for Texas floods

Hundreds of firefighters battled a fast-moving wildfire that reached the outskirts of the southern French city of Marseille on Tuesday, forcing people to stay indoors and the nearby airport to close.

Marseille

France wildfire shuts down Marseille airport

Liverpool's Portuguese forward Diogo Jota was probably speeding when the Lamborghini car he was driving crashed in northwestern Spain, killing him and his brother, police said in a preliminary report.

Cernadilla

Liverpool's Jota likely speeding when car crashed, police say

French President Emmanuel Macron arrived in Britain on Tuesday for a state visit mixing royal pageantry with thorny political talks about stopping migrants from crossing the English Channel in small boats.

London

UK royals welcome France's Macron for state visit

U.S. President Donald Trump said the U.S. will send more weapons to Ukraine as Russian attacks intensified in recent weeks. The decision comes after the U.S. halted certain shipments last week.

Trump says U.S. will send more weapons to Ukraine

Brazil hosted the second and final day of the 17th BRICS Summit in Rio de Janeiro on Monday.

Rio de Janeiro

BRICS summit ends on health issues, role of global south countries

U.S. President Donald Trump, hosting Israeli Prime Minister Benjamin Netanyahu at the White House, said the United States had scheduled talks with Iran and indicated progress on a controversial effort to relocate Palestinians out of Gaza.

Netanyahu meets Trump as Israel, Hamas discuss ceasefire

Search teams continue to look for survivors after catastrophic flash floods overwhelmed parts of the US state of Texas. About 100 people have been killed and dozens more are missing. Officials say the National Weather Service didn't provide enough warning of the heavy rain.

Rising Texas death toll fuels anger over 'inadequate warning'

Leaders of BRICS have warned of the dangers of tariffs - saying they don't want a confrontation with US President Donald Trump. The group of emerging nations made the comments at their summit in Brazil. They also discussed Gaza and tensions in the Middle East.

BRICS summit rejects U.S. tariff threats, tackles trade and Gaza

Video captured by a BBC News crew shows French police slashing a boat filled with migrants trying to cross into the U.K. The crackdown comes ahead of a summit this week between the French president and British prime minister.

French police slashing migrants’ boat in crackdown

President Donald Trump's Justice Department and FBI released a memo concluding that there is no evidence Jeffrey Epstein had a "client list." The FBI confirmed that more than 1,000 victims were harmed by Epstein.

FBI: Epstein investigation turned up no 'incriminating client list'

The death toll from the devastating floods in Texas has risen to at least 90 as rescue workers continue to search for dozens of missing people. At least 27 campers and counselors at Camp Mystic in central Texas died in the floods.

Kerrville

At least 90 people killed in Texas floods

A shooter is dead after opening fire at a U.S. Border Patrol building in McAllen, Texas, a Department of Homeland Security spokesperson said. CBS News' Shanelle Kaul has the latest updates.