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NBAA Welcomes Plan to Expand Tax Benefits for Business Investments, Including Aircraft
Contacts: Dan Hubbard (202) 783-9360, firstname.lastname@example.org
Patrick Dunne (202) 783-9362, email@example.com
Washington, DC, December 13, 2010 – The National Business Aviation Association (NBAA) today welcomed a proposal, announced last week, that would give U.S. companies tax benefits to help preserve manufacturing jobs, while allowing companies immediate access to the benefits of business aircraft.
"NBAA is pleased that the administration and congressional leaders are considering additional ways in which tax incentives can be applied to investments in strategic business assets, including aircraft," said NBAA President and CEO Ed Bolen.
The tax proposal, first outlined by the White House, would include allowing businesses 100-percent expensing of investments in capital assets through December 31, 2011, retroactive from September 8, 2010, and an accelerated, or "bonus," depreciation allowance of 50 percent during 2012. A bonus depreciation extension through the end of 2010 has already been signed into law. Purchasers of noncommercial aircraft will have an extra year to put the plane in service and qualify for expensing and bonus depreciation.
NBAA was briefed on the proposal in a conference call with White House senior staff to outline the President's overall plan for taxes and unemployment insurance, which includes several provisions designed to boost employment and accelerate business investments through 2012.
"We will continue working to underscore the importance of initiatives like the one outlined by the White House, which will preserve business aviation manufacturing jobs, while also giving companies immediate access to the efficiency, productivity, competitive and other benefits that come with the use of an aircraft," Bolen said.
NBAA will continue to support the proposal as negotiations between the White House and congressional leaders take place, including how the 100-percent expensing provision might be made available for companies to apply in tax years 2011 and 2012.
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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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