by: Dan Dugger, President Fractrade
If you are in the middle of an aircraft deal, you have thirteen days (until February 8, 2018) to buy or sell your plane before the United States Government extension runs out.
The affect of a Government shutdown goes well beyond just sales transactions, it impacts all current private aircraft owners.
If the Government does not extend again or agree on spending legislation, then the shut down will affect everything from FAA, ATC, Customs and even your ability to buy and sell aircraft.
National Business Aviation Association (NBAA) President and CEO Ed Bolen warned:
“General aviation is among the nation’s most regulated industries, with daily oversight and essential services provided by several federal agencies,” said Bolen. “If history is any guide, this shutdown could severely impact the industry, jeopardizing jobs and causing economic harm.”
So if your in the final stages of buying your aircraft then you will need to put things into high gear because assigning your new tail number requires filing with the Federal Register... which will potentially be closed.
There are lots of other potential concerns such as:
10,000 aircraft registrations expire each month, meaning that thousands of aircraft could be grounded should the shutdown continue.
For a short list of issues that might affect you, visit here:
The content provided is for informational purposes only. Neither Fractrade®, nor any of its affiliates, are providing legal, tax, or investment advice. You should consult your legal, tax, or financial advisor about your personal situation.