President Signs Bill Extending Aviation Taxes


On March 30, President Obama signed into law the Federal Aviation Administration Extension Act of 2009, PL 111-12. This act extends the taxes that fund the Airport and Airway Trust Fund through the end of September. The taxes had been scheduled to expire on March 31.

 

Specifically, the fuel excise tax in IRC § 4081 and the air travel taxes in sections 4261 and 4271 are extended through Sept. 30, 2009. The Airport and Airway Trust Fund authority under section 9502 is extended until Oct. 1, 2009.

 

The act also extends the Airport Improvement Program and other expiring authorities under the transportation title of the U.S. Code, title 49.

 

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.