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

Mar 16, 2012 (112th Congress, 2011–2013)
Died (Referred to Committee)
Scott Rigell
Representative for Virginia's 2nd congressional district
Read Text »
Last Updated
Mar 16, 2012
4 pages
Related Bills
H.R. 6109 (Related)
Investing in American Innovation Act of 2012

Referred to Committee
Last Action: Jul 12, 2012


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

Introduced Mar 16, 2012
Referred to Committee Mar 16, 2012
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.


No summaries available.

4 cosponsors (4D) (show)

House Ways and Means

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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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.

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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