Advanced Air Mobility Tax Exemption Parity Act of 2023

Hozzl · 2023-12-15T16:00:45Z

Explore the details of House Bill 4719 Advanced Air Mobility Tax Exemption Parity Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:00 PM

Summary of Bill HR 4719

The Advanced Air Mobility Tax Exemption Parity Act of 2023, also known as Bill 118 hr 4719, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide tax exemptions for certain advanced air mobility vehicles and services in order to promote the development and adoption of new technologies in the aviation industry.

Under this bill, companies that provide advanced air mobility services, such as electric vertical takeoff and landing (eVTOL) vehicles, would be eligible for tax exemptions similar to those currently available to traditional air carriers. This would help level the playing field for emerging technologies in the aviation sector and encourage investment in new, environmentally friendly modes of transportation.

The bill aims to support the growth of the advanced air mobility industry by reducing the financial burden on companies developing and operating these innovative vehicles. By providing tax exemptions, the government hopes to incentivize investment in new technologies and promote the adoption of sustainable transportation options. Overall, the Advanced Air Mobility Tax Exemption Parity Act of 2023 seeks to foster innovation in the aviation industry and support the development of new, environmentally friendly modes of transportation. If passed, this legislation could have a significant impact on the future of air travel and help pave the way for a more sustainable and efficient transportation system.

Congressional Summary of HR 4719

Advanced Air Mobility Tax Exemption Parity Act of 2023

This bill exempts powered-lift aircraft from the excise tax on air transportation. The bill defines powered-lift aircraft to mean a heavier-than-air aircraft that is capable of vertical takeoff, vertical landing, and low speed flight.

Current Status of Bill HR 4719

Bill HR 4719 is currently in the status of Bill Introduced since July 18, 2023. Bill HR 4719 was introduced during Congress 118 and was introduced to the House on July 18, 2023. Bill HR 4719's most recent activity was Referred to the House Committee on Ways and Means. as of July 18, 2023