Companies Can Receive Tax Benefits Before Year-End On Business Aircraft Purchases

The NBAA has added its voice to those praising 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. Obama signed the bill Monday afternoon.

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.

FMI: www.nbaa.org