Companies Can Receive Tax Benefits Before Year-End on Business Aircraft Purchases
Washington, DC, September 27, 2010 – The National Business Aviation Association (NBAA) today lauded President Obama for signing into law 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 an overall legislative package for small businesses, passed the U.S. House of Representatives and Senate earlier this month.
“NBAA thanks President Obama for enacting this important tax provision for American businesses,” said NBAA President and CEO Ed Bolen. “Now that the President has signed the measure into law, companies will be able to take advantage of the provision right away, giving them access the benefits of business aviation.”
NBAA 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 at www.nbaa.org/news/multimedia/videos/20100824-cnbc.php
In addition, NBAA Members have used the Association’s “Contact Congress” resource to reach out to elected representatives to request their support for accelerated depreciation proposals.
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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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