I 
112TH CONGRESS 
2D SESSION 
H. R. 4199 
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. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 16, 2012 
Mr. RIGELL introduced the following bill; which was referred to the Committee 
on Ways and Means 
A BILL 
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 Representa-
tives 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’’. 
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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 strik-
ing ‘‘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 in-
serting after subparagraph (E) the following new subpara-
graph: 
‘‘(F) GENERAL
AVIATION
AIRCRAFT.—In 
the case of any general aviation aircraft, the re-
covery 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 pas-
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sengers or freight, but which primarily engages in 
the carrying of passengers.’’. 
(d) EFFECTIVE DATE.—This section shall be effec-
tive for property placed in service after December 31, 
2012. 
SEC. 3. INCREASE IN WORK OPPORTUNITY TAX CREDIT 
FOR VETERANS. 
(a) IN GENERAL.—In the case of any taxable year 
beginning after December 31, 2011, each of the specified 
veteran WOTC dollar amount limitations shall be in-
creased by the corporate jet loophole savings amount with 
respect to such limitation. 
(b) SPECIFIED VETERAN WOTC DOLLAR AMOUNT 
LIMITATION.—For purposes of this section, the term 
‘‘specified veteran WOTC dollar amount limitation’’ 
means each of the $12,000, $14,000, and $24,000 
amounts contained in section 51(b)(3) of the Internal Rev-
enue Code of 1986. 
(c) 
CORPORATE
JET
LOOPHOLE
SAVINGS 
AMOUNT.—For purposes of this section, the term ‘‘cor-
porate jet loophole savings amount’’ means, with respect 
to each specified veteran WOTC dollar amount limitation, 
the amount obtained by multiplying such limitation by 
such percentage as the Secretary of the Treasury (or his 
designee) determines will result in an aggregate decrease 
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in Federal revenue pursuant to this section which is equal 
to the aggregate increase in Federal revenue which the 
Secretary (or his designee) determines will result pursuant 
to section 1. 
Æ 
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