To amend the Internal Revenue Code of 1986 to close the corporate jet depreciation loophole and to increase the work opportunity tax credit for veterans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012'' or as the ``Jets for Vets Act of 2012''.
SEC. 2. GENERAL AVIATION AIRCRAFT TREATED AS 7-YEAR PROPERTY.
(a) In General.--Subparagraph (C) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to classification of certain property) is amended by striking ``and'' at the end of clause (iv), by redesignating clause (v) as clause (vi), and by inserting after clause (iv) the following new clause: ``(v) any general aviation aircraft, and''. (b) Class Life.--Paragraph (3) of section 168(g) of the Internal Revenue Code of 1986 is amended by inserting after subparagraph (E) the following new subparagraph: ``(F) General aviation aircraft.--In the case of any general aviation aircraft, the recovery period used for purposes of paragraph (2) shall be 12 years.''. (c) General Aviation Aircraft.--Subsection (i) of section 168 of the Internal Revenue Code of 1986 is amended by inserting after paragraph (19) the following new paragraph: ``(20) General aviation aircraft.--The term `general aviation aircraft' means any airplane or helicopter (including airframes and engines) not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of...