Fri, Sep 24, 2010
Bill Now Heads To The White House For President's
Signature
The NBAA praised the vote by the
U.S. House of Representatives Thursday of 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 H.R. 5927, an overall
legislative package for small businesses, passed the House by a
vote of 237 to 187. A similar measure was passed last week by the
U.S. Senate, so the overall bill will now be sent to President
Obama to be signed into law.
"NBAA is pleased that Congress has affirmed its support for
accelerated depreciation through the passage of this legislation,"
said NBAA President and CEO Ed Bolen. "Once the President signs the
bill including bonus depreciation into law, companies will be able
to take advantage of the provision right away, giving them access
the benefits of business aviation."
NBAA has 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. In
addition, NBAA has urged its Members to use the Association's
"Contact Congress" resource to reach out to elected representatives
to request their support for accelerated depreciation
proposals.
"We thank the NBAA Members who made their voices heard with
their elected officials on this issue of critical importance,"
Bolen continued. "Their support has clearly helped alert Congress
to the urgency of passing this legislation, and demonstrates once
again that when our industry mobi lizes around our priority issues,
we can help shape a positive policy environment for business
aviation."
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