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NBAA Joins Call for Congress to Extend Accelerated Depreciation Until 2013
Contact: Dan Hubbard, (202) 783-9360, [email protected]
Washington, DC, February 6, 2012 – The National Business Aviation Association (NBAA) has joined more than 60 businesses and organizations nationwide in signing a letter urging congress to extend "bonus" depreciation, allowing for accelerated cost recovery of strategic purchases, including business aircraft.
Bonus depreciation included in legislation signed into law in 2010 fell from 100 percent to 50 percent this year.
"Bonus depreciation – which is simply a timing change allowing taxpayers a benefit now rather than later – draws broad, bipartisan support and was included in the President’s American Jobs Act legislation last fall," the signing organizations said in the letter. "Moreover, several Treasury studies have shown the favorable impact of this policy."
The House in December included 100-percent bonus depreciation extension in its version of the payroll tax cut bill (H.R. 3630). The letter sent by NBAA and the other groups urges lawmakers to include bonus depreciation in a final version of the tax cut bill, now under consideration by a joint House-Senate conference committee.
"The business aviation community still faces economic headwinds, and we should not take an important tool like this one out of the toolbox for growing jobs and helping businesses acquire the assets they need to compete in a global marketplace," said NBAA President and CEO Ed Bolen. "We call on Congress to extend the 100-percent accelerated depreciation for another year."
NBAA and other supporters also are asking Congress to include language holding the tax incentive harmless from long-term accounting methods under I.R.C. Section 460 and allowing eligible companies to claim a portion of their unused Alternative Minimum Tax (AMT) credits in lieu of bonus depreciation.
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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