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Photo: aviation-images.com/UIG via Getty Images

Demand for private jets has surged in recent months, as business owners and executives flock to take advantage of new provisions in the GOP tax bill that allow them to deduct 100% of a new or used plane's cost on their tax returns, reports the WSJ.

Why it matters: This deduction accounts for a huge chunk of tax liability for many of the world's wealthiest people. For some, it could even make buying a jet essentially free, according to Business Insider.

The big picture: The new tax law, or at least publicity surrounding the new tax law, has driven buyers who were previously unable to break into the private jet market to begin exploring their options, per the Journal.

  • Suzanne Meiners-Levy, who runs a tax firm that helps businesses buy planes, has seen a 30% increase in clients this year. She estimates four out of five of her clients ask about the new deduction rules.
  • Marcus Adolfsson, CEO of online publisher Mobile Nations, wrote off the full cost of a $2 million jet he bought at the end of 2017. He estimates its value has since appreciated 15%.
  • Others told the Journal they "wouldn’t have even considered a new plane if not for the change in tax law."

The new deduction rules have also encouraged companies like Jet It and NetJets to launch time-sharing or partial ownership programs, allowing people to fly private who don't quite have the funds to buy jets themselves.

  • "The growth of our shared ownership model is outpacing our card programs and we expect that the recent tax law changes will further fuel that trend," Adam Johnson, the CEO of NetJet, told Forbes.

The bottom line: President Trump has a well-documented obsession with private jets, and his signature tax law is helping extend a market accessible only to those with the highest incomes.

Go deeper

Updated 5 hours ago - Politics & Policy

British national named in Colleyville synagogue standoff

A law enforcement vehicle sits near the Congregation Beth Israel synagogue on Jan. 16. Photo: Brandon Bell/Getty Images

British national Malik Faisal Akram took four people hostage at a Texas synagogue outside Fort Worth on Saturday, the FBI said in a statement.

State of play: Authorities had initially declined to release the name of the 44-year-old suspect or identify the hostages, all adults, though police chief Michael Miller confirmed that one of those held was Rabbi Charlie Cytron-Walker, who leads the congregation.

Updated 5 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Concerns grow over CDC's isolation guidelines — Experts warn of more COVID-19 variants after Omicron — WHO recommends 2 new treatments — What "mild" really means when it comes to Omicron — Deaths are climbing as cases skyrocket.
  2. Vaccines: America's vaccination drive runs out of gas— Puerto Rico expands booster shot requirements— Supreme Court blocks Biden's vaccine mandate for large employers.
  3. Politics: Vivek Murthy calls SCOTUS vaccine mandate block "a setback for public health" — Focus group says Biden weak on COVID response, strong on democracy
  4. Economy: America's labor shortage is bigger than the pandemic— — CDC COVID guidance for cruise ships to be optional starting Saturday — The cost of testing.
  5. States: West Virginia governor feeling "extremely unwell" after positive test — Youngkin ends mandates for masks in schools and COVID vaccinations for state workers — America struggles to keep schools open
  6. World: Beijing reports first local Omicron case weeks before Winter Olympics — Teachers in France stage mass walkout over COVID protocols.
  7. Variant tracker
10 hours ago - Sports

Novak Djokovic loses Australian visa appeal

Novak Djokovic of Serbia plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park on January 14, 2022. Photo: Daniel Pockett/Getty Images

Tennis star Novak Djokovic left Australia on Sunday evening, facing a three-year visa ban after an appeals court in the country revoked his visa.

Driving the news: Djokovic will not be able to defend his Australian Open title when the tournament starts in Melbourne. The World No. 1 is looking to break a three-way tie with Roger Federer and Rafael Nadal for most Grand Slam men's singles titles.