NBAA Marks Passing of Aviation Pioneer Joe Clark see more
Washington, DC, March 30, 2020 – NBAA is saddened to learn of the passing today of blended winglet pioneer Joe Clark, founder and CEO of Aviation Partners, Inc. (API), and chairman of the joint venture Aviation Partners Boeing.
Asked by entrepreneur Dennis Washington to find a method by which his Gulfstream II business jet could fly across the country nonstop, Clark launched API in 1991 to develop and market blended winglet modifications for business and commercial aircraft. Today, the company estimates its winglets have saved the industry in excess of 10 billion gallons of fuel.
“Joe found extraordinary joy in all things aviation,” said NBAA President and CEO Ed Bolen. “His legacy will long be visible on the thousands of business and commercial aircraft fitted with his winglets to increase performance and efficiency, while also reducing carbon emissions. It will also be deeply felt by the thousands of individuals and aviation organizations Joe touched in his remarkable lifetime. Although Joe has left us too soon, his vision, passion and humanity will continue to take our industry farther and do so more sustainably.”
API’s blended winglets and split-scimitar winglets are installed on a wide variety of business aircraft, including the Dassault Falcon 50, 900 and 2000; Hawker 800 and 800XP; and Boeing Business Jet, as well as on Boeing 737, 757 and 767 commercial aircraft.
In 2015, NBAA honored Clark with its prestigious Meritorious Service to Aviation Award celebrating extraordinary lifelong professional contributions to aviation. For decades, it has been presented to individuals who built the aviation industry, including business aviation.
Clark’s passion for aviation began with flying lessons in college and a trip to the 1964 Reno Air Races with his friend Clay Lacy aboard a Lear 23 business jet. Two years later, Clark founded Jet Air, the first Learjet dealership in the Northwest.
He was later named vice president of sales for aircraft modification specialist Raisbeck Engineering. Clark also cofounded regional carrier Horizon Air, which later became part of Alaska Airlines, and Avstar, Inc., a system to market business aircraft previously used for military training.
This release was originally published by Dan Hubbard with NBAA on March 30, 2020.
FAA Responds to NBAA’s Call for COVID-19 Accommodations on Part 135 Training see more
NAFA member, NBAA, shares FAA's response to call for COVID-19 accommodations on Part 135 Training.
Faced with an unprecedented situation driven by the escalating COVID-19 pandemic, the FAA has answered NBAA’s call for the agency to take unprecedented steps to ensure that many charter operators are able to continue flying through the crisis.
On March 25, the agency issued the following four exemptions in effect through May 31, 2020, and applicable to most Part 135 operators:
- FAA-2020-0291, exempting Part 135 operators from the requirement that crewmembers don protective breathing equipment or oxygen masks during recurrent and upgrade training, testing and checking.
- FAA-2020-0292, allowing Part 135 ground personnel and crewmembers to complete recurrent training and qualification activities up to three calendar months after the month that the activity was due to have been completed, for requirements that were due to be completed through May 31, 2020.
- FAA-2020-0307, exempting Part 119 certificate holders, including some Part 135 operations, from the requirement that crewmembers don protective breathing equipment or oxygen masks during recurrent and upgrade training, checking and evaluation.
- FAA-2020-0308, allowing Part 119 certificate holders, including some Part 135 operations, allowing ground personnel, crewmembers and dispatchers to complete recurrent training and qualification activities up to three calendar months after the month that the activity was due to have been completed, for requirements that were due to be completed through May 31, 2020.
“We thank the FAA for its responsiveness to our request for these accommodations to ensure that business aviation operators will be able continue flying through this unprecedented and challenging situation,” said Brian Koester, NBAA director of flight operations and regulations. “As we continue to adapt to the realities of the COVID-19 environment, NBAA will work to ensure our industry is fairly represented in these and other actions taken to maintain our nation’s aviation infrastructure.”
In issuing these exemptions, the FAA noted that the agency has circumvented the typical publication process in the Federal Register, as “delaying action would have an adverse and potentially immediate impact on [the] continuity of critical aviation operations essential to the public interest.”
This article was originally published by NBAA on March 26, 2020.
Bolen Sternly Questions CNBC’s Recent Mischaracterization of Business Aviation see more
NAFA member, NBAA President and CEO Ed Bolen responded strongly this week to a recent CNBC article about the general aviation community’s collective request for inclusion in a congressional COVID-19 relief package, saying the network’s coverage was based on a “pre-determined narrative” that cast the industry with a negative brush, while ignoring the reality of its pressing economic challenges.
Bolen cited the pandemic’s impact on business aviation operations large and small, from the sweeping furloughs and layoffs at OEMs, maintenance facilities and other aviation businesses, to dwindling traffic at business aviation airports.
Bolen also emphasized the industry’s efforts to support relief efforts against the pandemic, citing a family-owned maintenance company that has converted some of its operations over to production of protective face masks for humanitarian purposes.
“All of this points to the larger picture missed in your report: As the U.S. economy moves rapidly from slowdown to shutdown, this critical industry, like countless others, is in need of support,” Bolen wrote. “By settling for sizzle over substance in a time of national crisis, CNBC is not only misinforming readers, but also attempting to smear a vital industry with a long history of serving the nation, and thousands of communities in times of need.”
This article was originally published by NBAA on March 26, 2020.
NAFA thanks sponsors and attendees for a successful NAFA/IADA Cocktail Reception 2018. see more
October 22, 2018 – Orlando, FL –The National Aircraft Finance Association (NAFA) and International Aircraft Dealers Association (IADA) held the 13thannual Joint Networking Cocktail Reception at the Hyatt Regency Hotel on October 15 in Orlando, Florida. This reception is one of the most highly anticipated events of the National Business Aviation Association (NBAA) annual Business Aviation Convention. There were over 500 attendees. “We would like to thank everyone that joined us for this year’s reception and for the International Aircraft Dealers Association for co-hosting with NAFA,” said Ford von Weise, President of NAFA, and Senior Vice President of the Global Aircraft Finance Group at Citi Private Bank. “The opportunity to bring together business aviation industry leaders to discuss trends and ideas is invaluable as the industry continues to evolve.”
A special “THANK YOU” to our Sponsors: Gold Sponsors– 1stSource Bank, JSSI and Wright Brothers Aircraft Title. Silver Sponsors– Aviation Legal Group, Insured Aircraft Title Service, Inc. and PNC Aviation Finance. Bronze Sponsors– GKG Law, Global Jet Capital, Jet Aviation, Satcom Direct and Rolls-Royce.
Continued Global Advocacy Supports Industry Growth see more
NAFA member Ed Bolen, President & CEO of National Business Aviation Association (NBAA), discusses how continued global advocacy supports industry growth.
Business aviation has always been a global industry that requires advocacy in all parts of the world. NBAA understands this mission and works continually, at regional and international levels, to support policies that foster the industry's growth and prosperity.
For example, NBAA has been working for over a decade to help international operators comply with the European Aviation Safety Agency (EASA)'s Safety Assessment of Foreign Aircraft (SAFA) ramp check program. NBAA recently commented on proposed changes in SAFA inspections, making EASA aware of operators' concerns and explaining how business aircraft flying differs from airline operations.
Beyond our work in specific regional theaters, the association also advocates for the industry at the global level. Much of our work in this regard is undertaken in coordination with the International Business Aviation Council (IBAC), business aviation's official observer to the proceedings of the International Civial Aviation Organization (ICAO).
As of this writing, NBAA is helping IBAC prepare for the next major meeting of ICAO, which will deal with a variety of important topics that affect business aircraft operators, such as using data-driven risk assessment to enhance safety and facilitating worldwide adoption of innovative air-traffic management initiatives.
NBAA and IBAC also continue working to achieve reasonable compliance limits and procedures for ICAO's global aviation emissions plan, known as the Carbon Offsetting and Reductions Scheme for International Aviation, or CORSIA.
We were pleased that ICAO heard and understood our position on the plan's introduction, that business aircraft emissions represent a tiny fraction of all aviation emissions, and that the segment should be given proportionate consideration under CORSIA. This understanding led ICAO to grant the vast majority of business aircraft operators a "small emitter" exemption from the policy, greeted with strong support from NBAA and IBAC. That said, the 2 organizations continue monitoring the voluntary compliance requirements in place for CORSIA, with an eye toward ensuring compliance is workable.
Of course, not all of the advocacy work done by NBAA relates to compliance with government mandates. Business aviation has a long record of support for industry-driven initiatives, and NBAA is active on a number of those as well. One of the most promising among these is the development and use of Sustainable Alternative Jet Fuels (SAJF), derived from a broad variety of renewable sources and blended with petroleum jet fuel, resulting in a mixture indistinguishable from straight Jet-A.
Illustrating the industry's long-standing commitment to reducing its already small emissions footprint, several business aviation stakeholders in May will recognize the 10th anniversary of the Business Aviation Commitment on Climate Change, which identified SAJF among other initiatives for further reducing overall emissions in business aviation.
Over the past year, as part of that commitment, a coalition of international business aviation organizations released the Business Aviation Guide to the Use of Sustainable Alternative Jet Fuels, which outlines the pathway toward the adoption and use of SAJF and sponsored a demonstration day in the US to prove these fuels' viability and safety.
In fact, the promotion and use of SAJF will be in focus as never before at the 2019 European Business Aviation Convention & Exhibition (EBACE) taking place May 21-23 in Geneva. The event will include the SAJF-focused technical panel discussion at the EBACE Innovation Zone on the show's opening day, while TAG London Farnborough Airport will host the 1st European SAJF demonstration day on May 18, building on the US event earlier this year at VNY (Van Nuys CA).
Clearly, as business aviation continues to grow around the world, NBAA will continue to reflect the industry's needs across multiple areas, engaging with government officials and industry stakeholders to protect and promote business aviation in an evolving global environment.
This article was originally published by Professional Pilot Magazine in May 2019, p. 12.
Industry Leaders Voice Growing Concerns about Shutdown see more
Business aviation leaders are expressing growing concern about the increasing ramifications of the prolonged partial U.S. government shutdown. “It is clear that the shutdown’s impact is being felt,” NBAA said in an update to its members today, pointing the cessation of activities such as the issuance of new pilot certificates and letters of authorization.
In addition, training centers are concerned about the possibility for expiration of authorizations for evaluators and flight training devices, and certification of aircraft and equipment is affected. Further, the association has been concerned that Customs and Border Protection is not processing requests for new overflight exemptions.
The FAA has indicated plans for a number of safety inspectors to return to work, but details about which functions will resume remain unclear, the association said, adding the primary focus is anticipated to be on safety surveillance.
“Since the partial government shutdown began on December 21, our nation’s aviation system has functioned safely and efficiently thanks to the hard work of dedicated FAA professionals,” said NBAA president and CEO Ed Bolen. “That said, general aviation is a highly regulated industry, so it’s no surprise that some service disruptions are becoming visible.”
NATA agreed, saying the aviation industry is one of the hardest hit because of safety and security requirements. “The shutdown has halted work on new aircraft certification, interactions between FAA and other nations, some aircraft registrations, commercial drone flight authorizations, aircraft mechanic licenses, introduction of new air traffic technology and airport construction approvals.”
The effect has been “very real” for controllers and other workers missing paychecks, NATA said.
The association further pointed to specific disruptions, such as a member company that has had two aircraft stranded in Canada, awaiting FAA approval to return. Others have had issues with ferry permits and/or special flight permits, both domestic and international-bound flights and NetJets has not been able to add new aircraft into its operations, NATA added. Training companies, including FlightSafety International, have reported multiple delays and cancellations.
GAMA president and CEO Pete Bunce, meanwhile, warned during a recent rally that even though the aircraft registry is open, the FAA and DOT have taken a narrow view of what is authorized registry activities, hampering its full use. If the shutdown was to continue in the next few weeks, the costs could run into the billions, he added.
The associations were among the more than 30 organizations signing a letter last week to leaders on Capitol Hill, outlining some of the many ramifications and urging them to work to end the shutdown.
Another signatory of that letter, NATCA, meanwhile, has taken a multipronged effort to put pressure on the government to end the shutdown, through a rally, leaflet campaign, and lawsuit. The organization, however, did welcome passage and signing into law of the Government Employee Fair Treatment Act of 2019, which guarantees back pay to federal employees affected by the shutdown. But NATCA president Paul Rinaldi added, “There is no reason to keep employees home and furloughed now that they are guaranteed their pay. Our elected leaders need to be responsible stewards of American taxpayer dollars and end this shutdown immediately.”
He added that the shutdown is “eroding the layers of redundancy and support necessary” for the National Airspace System.
This article was originally published on AINonline on January 17, 2019.
Latest Harris Poll Survey Reaffirms Importance of Business Aviation to Companies, Communities see more
NAFA member, GAMA, releases the latest Harris Poll survey findings.
Orlando, FL –– The General Aviation Manufacturers Association (GAMA) today joined with the National Business Aviation Association (NBAA) to release the findings of the latest survey conducted by The Harris Poll demonstrating the value of business aviation in providing safe, efficient transportation to companies of all sizes, particularly those located in smaller communities with little to no commercial airline service.
“The Real World of Business Aviation: 2018 Survey of Companies Using General Aviation Aircraft,” represents a statistically valid representation of the use of business aircraft. The following are among the survey’s key findings:
- Most users of business aviation are small companies employing 500 or fewer workers. Sixty-two percent of pilots and flight department leaders (identified as "pilots" for survey purposes) stated their companies utilize a single, turbine-powered aircraft.
- Many business aircraft are largely flown to towns with little or no airline service, with pilots reporting that, on average, 31.5 percent of their flights over the past year were to destinations lacking any scheduled airline service.
- Scheduling flexibility remains a key driver for business aviation, with 51.6 of passengers stating that traveling on business aircraft enables them to keep business schedules that could not be met efficiently using the scheduled airlines.
- A significant portion of business aircraft passengers are technical specialists, managers and other company employees, as well as customers. These passengers spend an average of 63 percent of their time on board business aircraft engaged in work, compared to just 42 percent when traveling commercially. Furthermore, two-thirds of these passengers say they are more productive on business aircraft flights than when they are in the office.
- During the past year, 38 percent of pilots reported flying business aircraft on humanitarian missions, averaging three such missions annually.
"Since 2009, we've said, 'No Plane No Gain,' and this updated survey confirms the power of the slogan," said GAMA President and CEO Pete Bunce. "General aviation aircraft are indispensable business productivity tools, allowing flexibility, connectivity and efficiency. But they are also on the front line, providing an essential transportation and supply link for those in need around the world."
“Once again, we see that business aviation is a vital tool for companies of all sizes, enabling passengers to use their travel time for more effectively and efficiently than alternatives, while also providing critical lift to smaller communities and areas in need of emergency relief,” NBAA President and CEO Ed Bolen said.
The Harris Poll conducted 202 online interviews of pilots, flight department managers and directors of flight operations or aviation for this survey, with 276 interviews among passengers on business aircraft. Its findings are in line with previous Harris Poll surveys in 1997, 2009 and 2015. Like those examples, the 2018 study was conducted on behalf the No Plane No Gain industry advocacy campaign, co-founded by NBAA and GAMA.
This press release was originally published by GAMA on October 16, 2018.
This article will explain the uses and benefits of owner trusts and discuss common misconceptions. see more
Owner trusts have been a commonly accepted means to register aircraft in the U.S. for many years, and play a critical role in the business aviation industry. However, the current rules applicable to owner trusts are sometimes misunderstood. This article will explain the uses and benefits of owner trusts, discuss the related obligations and address some common misconceptions.
What Is an Owner Trust and How Is It Used?
The U.S. is the most popular jurisdiction worldwide in which to register an aircraft. The reasons for relying on the U.S. for aircraft registration include a consensus that the Federal Aviation Administration (FAA) has established among the highest standards for aircraft operation and maintenance in the world. Aircraft on the U.S. registry generally maintain their value better than similar aircraft that are registered elsewhere. Also, the U.S. is a center for global business, and aircraft owners and U.S. businesses, including the well-developed general aviation industry, mutually benefit from growing domestic and international aircraft activity in the U.S.
The federal government restricts who may register aircraft in the U.S. Violations of these restrictions may result in signifi- cant financial penalties and even jail time.2 The code and regulations provide that individuals who are U.S. citizens or resident aliens, and partnerships that are comprised solely of individual U.S. citizens, may register aircraft in their own name. Corporations and limited liability companies formed in the U.S. may register if:
a. their president is a U.S. citizen, at least two-thirds of their board of directors are U.S. citizens, and at least two- thirds of their directors or other managing officers (excluding the president) are U.S. citizens;
b. the corporation or LLC is under the actual control of U.S. citizens; and
c. at least 75 percent of the voting interest is owned or controlled by U.S. citizens.
The above test applies not only to the applicant for registration, but in theory to each voting interest holder down to the ulti- mate individual owners.
The narrowly drafted provisions relating to citizenship exclude certain companies that most would otherwise consider as domestic. For example, a partnership in which the first partner is an individual U.S. citizen, and the second partner is a U.S. corporation that is wholly owned and managed by the same individual, does not qualify as a U.S. citizen for aircraft registration purposes as not all the partners are individual U.S. citizens. Similarly, a large publicly traded U.S. corporation that has, at any time, more than 25 percent of its voting shares owned or controlled by non-U.S. citizens, or that has a non-U.S. citizen presi- dent, would also fail the citizenship tests.
The registration options for entities that do not fit under one of the above categories are limited. A corporation that fails the citizenship tests, but was formed and operates in the U.S., may register an aircraft so long as the aircraft is based in the U.S. and at least 60 percent of all flights in each six-month period of ownership are within the U.S. Also, corporations that fail the voting control test, but otherwise satisfy the citizenship test for corporations, may hire an independent voting trustee to hold the voting rights for the shareholders.
While these two structures are useful occasionally, they can only be used by U.S. corporations and can be cumbersome in practice. The more common alternative for non-citizens who wish to register an aircraft in the U.S. is an owner trust.
An owner trust is a relationship where a trustee holds legal title to the aircraft for the benefit of a third party, who is commonly called the “trustor” or “beneficiary.” The trustee then leases or licenses the aircraft back to the trustor/benefi- ciary or a third party, as the trustee does not operate the aircraft. When an entity doesn’t meet the narrow U.S. citizenship definition for registering an aircraft, owner trusts are often used, and referred to as a “non-citizen trusts” or “NCTs.”
Owner trusts are frequently used by aircraft leasing companies, and other businesses that own multiple aircraft, to facilitate registration, and are often integrated into financing arrangements for aircraft fleets, in addition to being used by owners of single aircraft.
Under an owner trust, the beneficiary or its lessee operates the aircraft (perhaps with the assistance of a management company), hires the crew and pays the expenses. The trust documents obligate the beneficiary or other parties to operate the aircraft in accordance with the manufacturer’s specifications, the requirements of the insurance policy and applicable law. The income tax attributes associated with the aircraft pass through to the beneficiary. The aviation industry is very familiar with owner trust structures, so such trusts have no adverse impact, and in some cases are useful from financing, management and tax planning perspectives.
Additional Rules Applicable to Owner Trusts
Federal regulations provide that when legal title to an aircraft is held in trust, the trustee must be a U.S. citizen or a resident alien. The applicant for registration must submit to the FAA:
a copy of each document legally affecting a relationship under the trust; and
either (i) an affidavit that each beneficiary is either a U.S. citizen or a resident alien or (ii) if one or more of the bene- ficiaries is not a U.S. citizen or a resident alien, an affidavit that the trustee is not aware of any reason, situation or relationship as a result of which such beneficiary or beneficiaries would together have more than 25 percent of the power to influence or limit the trustee’s authority.3
In 2013, after a thorough review of owner trusts that lasted several years, the FAA issued a Notice of Policy Clarification for the Registration of Aircraft to U.S. Citizen Trustees in Situations Involving Non-U.S. Citizen Trustors and Beneficiaries (the “Policy Clarification”).4 The FAA stated that the purpose of the Policy Clarification was to “ensure that the use of non-citizen trusts to register aircraft is fully consistent with the applicable regulations and supports the FAA’s safety oversight inter- ests...” and that it “...will facilitate the FAA’s ability to determine eligibility for registering aircraft to non-U.S. citizen trusts.”
The Policy Clarification required that certain provisions be included in trust documents, instituted a new process for submit- ting all documents relating to the trust to FAA for review, and attached a pro forma trust agreement. Among other things, the FAA confirmed that the trust documents must specifically provide that non-U.S. citizens may not directly or indirectly hold more than 25 percent of the power to remove or direct a trustee.
The Policy Clarification further provides that upon request, third-party trustees have obligations to provide the FAA with information about the operators and operations of the aircraft held in trust. Specifically, the FAA expects trustees to respond with the following information within two business days:
• The identity and residential address or principal place of business of the person normally operating, or managing the operations of, the aircraft
• The location of maintenance and other aircraft records• Where the aircraft is normally based and operated
The FAA additionally expects trustees to provide the following information within five business days:
Information about the operator, crew and aircraft operations on specific dates
Maintenance and other aircraft records
The current airworthiness status of the aircraft
The pro forma trust agreement also specifically obligates the trustor to expeditiously provide information related to the aircraft and operations to the FAA and trustee upon request.
Following the issuance of the Policy Clarification, each of the leading owner trust providers modified their form documents to conform with the revised trust agreement and the other priorities in the Policy Clarification. The trust providers also instituted and continue to maintain policies and procedures to accommodate the FAA’s information requests, in addition to performing their own due diligence searches.
Finally, pursuant to the Policy Clarification and related guidance, all trust agreements and any operating agreements between the trustees and non-citizen beneficiaries are filed with the FAA as a public record.
Working With Your Owner Trust Provider
using existing business entities or forming new entities to hold the beneficial interest in or to operate the aircraft
coordinating tax planning with the delivery location of the aircraft
entering leases or other contractual relationships based on tax polices the state or other jurisdiction where the
aircraft will be primarily based and operated
When an aircraft is placed in a trust, several parties are typically involved in the transaction. For example, the escrow agent or closing attorney will need to be made aware of the trust structure and can assist in obtaining ACC approval. If a lender is involved, they will need to review the trust documents and draft their loan documents to reflect that title to the aircraft will be held in the name of the trustee. It is often necessary to request that a seller transfer title directly to the trustee. The beneficiary will want to contact such parties as early in the process as is reasonably possible so that everyone is ready on the scheduled closing date.
There are several respected owner trust providers in the U.S. Once hired, the provider will first request information about the beneficiary, the operator and the aircraft. Usually the provider will give the beneficiary a questionnaire with instructions to help simplify the information collection process. Additionally, the provider will require that the beneficiary identify one
or more people who can respond quickly and accurately to future FAA requests for information. Finally, the provider will check the “watch lists” and run due diligence on parties involved in the proposed transaction to help protect against bad actors. Since many aircraft transactions are time-sensitive, it is very important that the beneficiary respond to the provider’s requests with complete and accurate information in a timely manner. Trust providers typically review such information and request updates from their beneficiaries at least annually.
In addition to the information requirements described above, the Policy Clarification and subsequent directives from the FAA mandate that the trust documents need to be submitted to FAA Aeronautical Center Counsel (“ACC”) in Oklahoma City prior to being filed for recording, to assure that the documents conform to the code, regulations and other guidance relating to owner trusts. The review process can sometimes take a few days, so it is important for the beneficiary to build in suffi- cient time prior to closing to obtain ACC approval.
Also, since the trustee will be the registered owner of the aircraft, the trustee will need to be named on the aircraft insur- ance. Since all parties will want the insurance coverage to be effective and in the proper form when the aircraft is placed in trust, it is recommended that the beneficiary contact its insurance provider and give the proposed certificate and endorse- ments to the trustee for review at least several days prior to the closing.
Retaining Advisers and Coordinating With Other Parties
Aircraft are valuable assets requiring significant technical expertise, so it is a best practice for the beneficiary to hire a quali- fied aviation attorney to draft the agreements and monitor the closing process. Additionally, regulations relating to aircraft operations are complex, and aircraft may operate in multiple jurisdictions, so the beneficiary should carefully review its plans for use of the aircraft with qualified advisers. Finally, aircraft may be based and/or operated outside the U.S., so the benefi- ciary should seek guidance on preferred methods to export and import the aircraft, if applicable.
Placing an aircraft in a trust, and its use and storage, also require careful advance tax planning. The adviser can alert the beneficiary to the types and approximate amounts of taxes that will result from its intended use and operations to prevent expensive surprises and provide guidance on tax planning. The adviser may recommend such things as:
The Future of Owner Trusts
The FAA and aviation industry have worked together to greatly improve the system for registering aircraft through owner trusts. The specific obligations discussed in the Policy Clarification and subsequent guidance regarding the collection of information about aircraft operations, providing such information to the FAA upon request, and filing supporting documents relating to the relationship of the parties with the FAA, are unique to owner trusts. The major owner trust companies have gone even further, by implementing their own due diligence processes. The aviation industry is committed to continuing its work with the FAA on owner trusts to ensure that they remain a viable aircraft registration option for many years to come.
1 Jeff Towers serves as General Counsel for TVPX’s 1031 exchange and FAA owner trusts businesses. He is the past chair of NBAA’s Tax Committee and is an active member of various other aircraft-related organizations in the U.S. and Europe.
2 The requirements for registration are set forth in 49 U.S.C. Sections 40102(a) and 44102(a), 14 C.F.R. Section 47 and rulings and guidance from the FAA. Penalties are set forth in 49 U.S.C. Sections 46301 and 46306.
3 49 C.F.R. 47.7(c)
4 Federal Register, Vol. 78, No. 117, Tuesday, June 18, 2013, Page 36412
Original article posted by NBAA.