Bill Text: NJ AR155 | 2012-2013 | Regular Session | Introduced
Bill Title: Supports President Obama's proposal to end special tax break for corporate jet owners.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2013-03-07 - Introduced, Referred to Assembly Budget Committee [AR155 Detail]
Download: New_Jersey-2012-AR155-Introduced.html
Sponsored by:
Assemblywoman CONNIE WAGNER
District 38 (Bergen and Passaic)
Assemblyman TIMOTHY J. EUSTACE
District 38 (Bergen and Passaic)
SYNOPSIS
Supports President Obama's proposal to end special tax break for corporate jet owners.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution supporting President Obama's proposal to end the special tax break for corporate jet owners.
Whereas, The "American Taxpayer Relief Act of 2012," Pub.L. 112-240 extended a loophole in the federal tax code that affords corporate jet owners a special tax break for the depreciation of their aircraft; and
Whereas, The special federal tax loophole for corporate jet owners will cost taxpayers billions of dollars over the next ten years; and
Whereas, The burden in lost tax revenue as a result of the loophole will fall on the shoulders of the middle class who will have to pay more in taxes and absorb reductions in government services to finance the loophole for corporate jet owners; and
Whereas, Extending the federal tax loophole for corporate jet owners makes little sense in the context of current federal budget limits; and
Whereas, Instead of giving away billions of dollars in tax breaks to large corporations, the money could be used to rebuild our schools, roads, runways, and bridges; and
Whereas, Investing in education, infrastructure, as well as research and technology will create jobs and a prosperous future for our children; and
Whereas, President Obama has repeatedly called for an end to the special tax break for corporate jet owners; and
Whereas, The United States Congress must work with President Obama to close the federal tax loophole for corporate jet owners, ensuring that all Americans pay their fair share; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House supports President Obama's proposal to end favorable federal income tax depreciation treatment for owners of new corporate jets.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested to by the Clerk thereof, shall be transmitted to the Speaker and Minority Leader of the United States House of Representatives, the Majority and Minority Leaders of the United States Senate, each member of the United States Congress elected from this State, and the President of the United States.
STATEMENT
This resolution supports President Obama's proposal to end the special tax break for corporate jet owners.
The "American Taxpayer Relief Act of 2012," Pub.L. 112-240 extended a loophole in the federal tax code that affords corporate jet owners a special tax break for the depreciation of their aircraft. The loophole will cost taxpayers billions of dollars over the next ten years. The burden in lost tax revenue will fall on the shoulders of the middle class.
Extending the federal tax loophole for corporate jet owners makes little sense in the context of current federal budget limits. Instead of giving away billions of dollars in tax breaks to large corporations, the money could be used to rebuild our schools, roads, runways, and bridges.
President Obama has repeatedly proposed an end to the special tax break for corporate jet owners. Congress must work with the President to close the loophole for corporate jet owners, ensuring that all Americans pay their fair share.
end special tax break for corporate jet owners.
