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NBAA Cheers Extension of Bonus DepreciationContact: Cassandra Bosco
Las Vegas, NV, October 11, 2004 – The National Business Aviation Association (NBAA) applauds Senate passage of a tax relief bill extending bonus depreciation. In a rare holiday session, today the Senate passed a compromise version of the American Jobs Creation Act of 2004 (HR 4520), by a vote of 69 to 17, clearing the way for the bill to be signed into law by President Bush.
Included in the legislation is a provision that extends for 12 months the placed-in-service requirement for companies purchasing business aircraft to qualify for bonus depreciation. The U.S. House of Representatives passed the measure on Thursday.
"Extension of the placed-in-service requirement is great news for the business aviation community," said NBAA President and CEO Ed Bolen. "This is a strong incentive for companies to purchase new aircraft, and the purchase of a new aircraft is a direct investment in the corporate flight department."
NBAA represents the aviation interests of more than 7,700 companies that own or operate general aviation aircraft as an aid to the conduct of their business, or are involved with business aviation. NBAA Member Companies earn annual revenues approaching $5 trillion a number that is about half the gross domestic product and employ more than 19 million people worldwide. The NBAA Annual Meeting & Convention is the world's largest display of civil aviation products and services.
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