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NBAA Welcomes Senate Approval for Bonus Depreciation, Urges House Passage
Contacts: Dan Hubbard, (202) 783-9360, firstname.lastname@example.org
Patrick Dunne, (202) 783-9263, email@example.com
Washington, DC, September 17, 2010 – The National Business Aviation Association (NBAA) today welcomed U.S. Senate approval of legislation that includes a provision to accelerate cost recovery of strategic business purchases this year, including business aircraft.
"NBAA applauds the Senate's action, and urges the House to approve the Senate-passed version this month to allow companies to take advantage of this accelerated, or 'bonus,' depreciation before the end of the year," said NBAA President and CEO Ed Bolen. "Allowing faster capital cost recovery of the purchase of company assets, including business aircraft, is helpful to business aviation and to our economy."
NBAA has repeatedly called on Capitol Hill lawmakers to support legislation to extend accelerated depreciation for investments in strategic business assets, including aircraft.
In addition, NBAA has urged its Members in the business aviation community to use the Association's Contact Congress resource to reach out to their elected representatives and ask them to support accelerated depreciation bills. Anyone can still write to Congress and urge full passage of bonus depreciation legislation by visiting www.nbaa.org/advocacy/contact.
"Accelerated depreciation is a proven investment incentive, and could significantly benefit the business aviation community," Bolen explained. "The industry continues to grapple with a slow recovery from the drop-off in flight activity and aircraft sales, as well as job losses in this challenging economic climate."
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.
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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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