Congress reaches agreement on FAA extension
Posted: 5 August 2011 | NATA | No comments yet
The U.S. Senate approved legislation ending the two-week partial shutdown of the FAA and the Airport and Airway Trust Fund…
Today, the U.S. Senate approved legislation ending the two-week partial shutdown of the Federal Aviation Administration and the Airport and Airway Trust Fund. President Obama promptly signed the bill into law to resume federal excise taxes.
The Internal Revenue Service (IRS) has provided general information on the collection of aviation-related taxes and intends to provide further guidance. Importantly, the collection of taxes must resume no later than 12:01 a.m. on Monday, August 8, 2011.
NATA encourages operators and FBOs to review this information at the IRS Web site and to continue to monitor that site for further updates. Click here to view the IRS information page on aviation taxes.