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Just Out: Executive Travel on the Corporate Jet First Half 2024 Imputed Income Rates
Blog
February 12, 2024
Due to increased physical and cybersecurity concerns, executives are increasingly provided travel on the company aircraft for both business and personal purposes. However, any non-business travel invokes Form W-2 income inclusion using the Standard Industry Fare Level (SIFL) rates published by the Department of Transportation twice per year, effective for a six-month period. The rates for the first half of 2024 have just been published:
|
For 6-Month Tax Period Effective |
Terminal |
0–500 |
501–1500 |
>1500 |
|
1/1/2024 |
$55.05 |
0.3012 |
0.2296 |
0.2208 |
These rates are slightly higher than the rates for 2023, shown here for comparison purposes:
|
For 6-Month Tax Period Effective |
Terminal |
0–500 |
501–1500 |
>1500 |
|
1/1/2023 |
$52.35 |
0.2864 |
0.2183 |
0.2099 |
|
7/1/2023 |
$52.98 |
0.2898 |
0.2210 |
0.2124 |
As usual, note that the SIFL rates are relevant only for IRS income inclusion purposes. Executives of public companies must have perks such as travel on the corporate jet reported at the “Aggregate Incremental Cost” of the personal benefit, including the cost of fuel and maintenance costs, rather than the IRS imputed-income number.
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This entry has been created for information and planning purposes. It is not intended to be, nor should it be substituted for, legal advice, which turns on specific facts.