This paper investigates a new model for the so-called Tail Assignment Problem, which consists in assigning a well-identified airplane to each flight leg of a given flight schedule, in order to minimize total cost (cost of operating the flights and possible maintenance costs) while complying with a number of operational constraints. The mathematical programming formulation proposed is compact (i.e., involves a number of 0−1 decision variables and constraints polynomial in the problem size parameters) and is shown to be of significantly reduced dimension as compared with previously known compact models. Computational experiments on series of realistic problem instances (obtained by random sampling from real-world data set) are reported. It is shown that with the proposed model, current state-of-the art MIP solvers can efficiently solve to exact optimality large instances representing 30-day flight schedules with typically up to 40 airplanes and 1500 flight legs connecting as many as 21 airports. The model also includes the main existing types of maintenance constraints, and extensive computational experiments are reported on problem instances of size typical of practical applications.