IN THE SENATE OF THE UNITED STATES
November 17, 2005
Mr. Dayton introduced the following bill; which was read twice and referred to the Committee on Finance
To provide for the valuation of employee personal use of noncommercial aircraft for purposes of Federal income tax inclusion.
Valuation of employee personal use of noncommercial aircraft
For purposes of Federal income tax inclusion, the value of any employee personal use of noncommercial aircraft shall equal the excess (if any) of—
the fair market value of such use, or
the actual cost of such use (including all fixed and variable costs), over
any amount paid by or on behalf of such employee for such use.
Subsection (a) shall apply to use after the date of the enactment of this Act.