Fri, Dec 17, 2010
HR4853 Includes New And Used Aircraft Up To $500,000
Congress has passed, and President Obama has signed, a
compromise tax bill which includes the extension of 100 percent
bonus depreciation of assets worth up to $500,000 acquired after
September 8, 2010 through December 31 of next year.
The expense can be a new or used airplane purchased in
2010 and 2011.
The tax proposal, first outlined by the White House, would
include allowing businesses 100-percent expensing of investments in
those capital assets and an accelerated, or "bonus," depreciation
allowance of 50 percent during 2012. A bonus depreciation extension
through the end of 2010 has already been signed into law.
Purchasers of noncommercial aircraft will have an extra year to put
the plane in service and qualify for expensing and bonus
depreciation.
“We could not be more pleased by the bipartisan effort
that resulted in a swift passage of this tax bill through both
chambers of Congress and now to the president,” said GAMA
President and CEO Pete Bunce. “This important legislation
contains two provisions that are critical to the recovery of the
general aviation manufacturing industry. The first permits 100
percent depreciation of capital investments including aircraft
engines, avionics and other upgrades to aircraft during 2011 and 50
percent depreciation of investments made in 2012. Due to
their longer production cycle, general aviation aircraft will also
be eligible for 100 percent depreciation in 2012 and 50 percent in
2013. The bill also extends the important research and development
(R&D) tax credit for two years, which will allow businesses to
receive credit for this year’s (2010) research expenditures
and also permit companies to plan for 2011.”
Bunce added, “This bill will help provide the certainty
and incentives our manufacturers need to start growing again by
encouraging investment and creating demand. Most importantly,
these provisions will boost job growth in 2011 and beyond and
support a critical sector in the U.S. and global
economy.”
"NBAA is pleased that the administration and congressional
leaders are considering additional ways in which tax incentives can
be applied to investments in strategic business assets, including
aircraft," said NBAA President and CEO Ed Bolen when the bill was
introduced late last week.
More News
Say Altitude Used by ATC to ascertain an aircraft's specific altitude/flight level. When the aircraft is climbing or descending, the pilot should state the indicated altitude round>[...]
Aero Linx: European Air Law Association (EALA) EALA was established in 1988 with the aim to promote the study of European air law and to provide an open forum for those with an int>[...]
From 2023 (YouTube Version): The Life, Death, Life, Death, and Life of a Glorious Warbird In 1981, business-owner Jim Tobul and his father purchased a Chance-Vought F4U Corsair. Mo>[...]
Also: USCG Retires MH-65 Dolphins, Irish Aviation Authority, NATCA Warns FAA, Diamond DA42 AD This summer, history enthusiasts will have a unique opportunity to experience World Wa>[...]
Also: WACO Kitchen Bails, French SportPlane Mfr to FL, Dynon-Advance Flight Systems, Innovation Preview Bobby Bailey, a bit of a fixture in sport aviation circles for his work with>[...]