Senators Urge IRS to Close Corporate Jet Tax ‘Loophole’

Six Democrats in the Senate are urging the Treasury Department and IRS to tighten restrictions on how corporate jet owners deduct certain travel costs.

The letter dated March 10 comes amid a recent IRS campaign to boost audits of corporate jets, part of the agency’s renewed focus on tax avoidance by big corporations and among the ultra-wealthy.

The lawmakers praised that effort, and called on the agencies to use their regulatory authority to close what they called loopholes in the standard industry fare level, an accounting method they say allows taxpayers to skirt taxes.

Currently, taxpayers are allowed to write ...