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Private-jet owners poised to get tax break under Senate GOP plan

Senate Republicans say their tax bill will bring big tax cuts for middle-class families and businesses. If you own a private jet, you'll also get a break.

The revised bill that emerged from the Senate Finance Committee this week scraps excise taxes on the use of private aircraft. The exemption would apply to expenses including storage, maintenance and hiring a crew. The provision is expected to cost the federal government less than $50 million over a decade, according to the nonpartisan Joint Committee on Taxation.

The change would be a boon to scores of large businesses that use corporate jets to fly employees around the world for business and personal travel. People who lease aircraft for more than 31 consecutive days also would be eligible for the tax break.

Private-jet owners are currently subject to a 7.5 percent tax on the amount paid and a flat rate for each segment on domestic flights. An earlier version of the Finance Committee's tax plan didn't include the exemption.

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