H.R. 4199 (112th): Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012

Introduced:
Mar 16, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Scott Rigell [R-VA2]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 16, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 16, 2012
Referred to Committee Mar 16, 2012
Cosponsors
4 cosponsors (4D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to close the corporate jet depreciation loophole and to increase the work opportunity tax credit for veterans.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 16, 2012.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/16/2012--Introduced.
Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012 or the Jets for Vets Act of 2012 - Amends the Internal Revenue Code to classify general aviation aircraft as seven-year property for purposes of the depreciation tax deduction (currently, expenses for aircraft can be deducted or expensed in the current taxable year).
Defines "general aviation aircraft" as any airplane or helicopter not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers.
Increases the work opportunity tax credit for the hiring of veterans by increasing the dollar limitation on veteran wages eligible for such credit with revenue saved from the depreciation reclassification of general aviation aircraft by this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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