Contact: Dan Hubbard, (202) 783-9360, email@example.com
Washington, DC, Dec. 17, 2014 – The National Business Aviation Association (NBAA) today applauded a vote by the Senate to approve a bill that renews accelerated, or “bonus” depreciation, among other expiring tax provisions, for one year, and urged President Obama to sign it into law.
The House of Representatives passed the “tax extender” bill earlier this month. Now, with Senate approval, it needs President Obama’s signature to become law. View the NBAA press release “NBAA Applauds House Vote to Renew Accelerated Depreciation on Business Assets, Including Aircraft.”
“NBAA welcomes this vote by the Senate and commends members of both parties for working together to renew tax policies such as accelerated depreciation,” said NBAA President and CEO Ed Bolen. “We urge President Obama to sign this bipartisan bill as soon as possible.”
Accelerated depreciation allows businesses to take a first-year deduction equal to 50 percent of a qualified asset’s cost basis. The tax extender bill also would renew the increased limitations for Section 179 expensing, allowing businesses to expense, rather than depreciate, assets such as aircraft parts.
“The tax policies in this bill strengthen American competitiveness and preserve jobs by giving businesses immediate access to the most advanced equipment and encouraging investment in assets such as aircraft,” said Bolen.
While bonus depreciation expired at the end of 2013, NBAA and a broad coalition of industry groups have backed efforts in Congress to renew it and other tax extenders retroactively and in time for the 2014 tax-filing season.
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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 10,000 companies and provides more than 100 products and services to the business aviation community, including the NBAA Business Aviation Convention & Exhibition, the world’s largest civil aviation trade show. Learn more about NBAA at www.nbaa.org.
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