Gwynyth Paltrows jet has been given a $1m pricetag for a jet that could cost $1 billion in new federal taxes.
Federal Budget Committee Chairman Tom Price, who is also a member of the House of Representatives, told Recode he will look at the issue again after the House Ways and Means Committee takes up the issue on Thursday.
The jet was sold by the Florida-based Gulf Coast hotels in 2012 and is currently being used for vacation.
In a letter to lawmakers in the House Finance Committee, the company said it plans to provide an update on the tax bill after the committee votes on Thursday and “re-evaluate” the purchase.
In July, the House Committee on Ways and means released a study of the jet, which has been purchased by the Palm Beach resort.
The committee concluded the aircraft could potentially cost taxpayers up to $1,400 per month, according to the letter from the company, which also provided a breakdown of the cost of the aircraft.
The company did not disclose the number of days it was in use and did not provide an estimate for the total amount of taxes it would have to pay.
The plane has an average price of $2,800 per night, the letter said.
The report estimated that the aircraft would cost taxpayers an additional $1 per month.
The Gulf Coast hotel, which is also in Florida, declined to comment on the jet’s price.
The purchase price was announced in March but has not been publicly disclosed, and the company’s letter was not released until last week.
The Senate Finance Committee approved the purchase in March, but its final vote is not expected until at least July.