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NBAA Hails Final Congressional Passage of Bonus Depreciation
Bill Now Heads to the White House for President's Signature
Contacts: Dan Hubbard, (202) 783-9360, [email protected]
Patrick Dunne, (202) 783-9263, [email protected]
Washington, DC, September 23, 2010 – The National Business Aviation Association (NBAA) today cheered approval by the U.S. House of Representatives of legislation that includes a provision for "bonus depreciation," to accelerate cost recovery of strategic business purchases this year, including business aircraft.
The measure, included as part of H.R. 5927, an overall legislative package for small businesses, passed the House by a vote of 237 to 187. A similar measure was passed last week by the U.S. Senate, so the overall bill will now be sent to President Obama to be signed into law.
"NBAA is pleased that Congress has affirmed its support for accelerated depreciation through the passage of this legislation," said NBAA President and CEO Ed Bolen. "Once the President signs the bill including bonus depreciation into law, companies will be able to take advantage of the provision right away, giving them access the benefits of business aviation."
NBAA has repeatedly called on Capitol Hill lawmakers to support legislation to extend accelerated depreciation for investments in strategic business assets, including aircraft. Earlier this year, NBAA joined with more than 80 American businesses and organizations to send an open letter to House and Senate leaders calling for a renewal of bonus depreciation that expired at the end of 2009, to extend the tax benefits to preserve manufacturing jobs, and at the same time give companies immediate access to the benefits of asset investments, including the purchase of business aircraft.
More recently, Bolen used an appearance on the national television show, CNBC's "Squawk on the Street," to underscore the importance of bonus depreciation for business airplane sales. To view a video clip of that segment, visit: http://www.nbaa.org/news/multimedia/videos/20100824-cnbc.php
In addition, NBAA has urged its Members to use the Association's "Contact Congress" resource to reach out to elected representatives to request their support for accelerated depreciation proposals.
"We thank the NBAA Members who made their voices heard with their elected officials on this issue of critical importance," Bolen continued. "Their support has clearly helped alert Congress to the urgency of passing this legislation, and demonstrates once again that when our industry mobilizes around our priority issues, we can help shape a positive policy environment for business aviation."
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Founded in 1947 and based in Washington, DC, the National Business Aviation Association (NBAA) is the leading organization for companies that rely on general aviation aircraft to help make their businesses more efficient, productive and successful. The Association represents more than 8,000 companies and provides more than 100 products and services to the business aviation community, including the NBAA Annual Meeting & Convention, the world's largest civil aviation trade show. Learn more about NBAA at www.nbaa.org.
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