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.

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