Buckle your seat belt and lift your tray table, the 2022 tax year was the last time 100% bonus depreciation was generally available for the purchase of a private aircraft. However, with a phase-down in increments of 20% until 2027, it will be a slow descent until the time when the bonus depreciation deduction is no longer available. It will be an even softer landing for an aircraft that qualifies as longer production period property (LPPP) and for certain aircraft placed in service after December 31, 2022, for which the bonus depreciation phaseout periods are extended by one year.

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