Washington, DC, December 17, 2010 – The National Business Aviation Association (NBAA) today welcomed the latest Congressional action to give U.S. companies tax benefits to help preserve manufacturing jobs, while allowing companies immediate access to the benefits of business aircraft.
Last night, the U.S. House of Representatives passed the tax proposal – H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 – which would allow businesses 100-percent accelerated, or "bonus" depreciation of investments in capital assets, including new aircraft, through December 31, 2011, retroactive from September 8, 2010. The legislation also provides for "bonus" depreciation allowance of 50 percent during 2012.
"NBAA is pleased that the House of Representatives has joined with the Senate passing legislation to make available additional ways in which tax incentives can be applied to investments in strategic business assets, including new aircraft," said NBAA President and CEO Ed Bolen. "Today’s House vote brings us another step closer to preserving vital U.S. business aviation manufacturing jobs, while also providing companies immediate access to the many benefits that accrue with the use of an aircraft for business purposes."
A bonus depreciation extension through the end of 2010 has already been signed into law, but this legislation gives purchasers of non-commercial an extra year to put the plane in service and qualify for expensing and bonus depreciation. The Senate passed an overall tax package that includes the proposal earlier this week.
With full Congressional approval for the measure, it now will be sent to the President for his signature.
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The process, known as accelerated, or “bonus” depreciation, is set to expire at the end of this year.