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General Aviation To
Benefit From
Accelerated Depreciation Proposal |
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June 28, 2010 – The National Business Aviation Association (NBAA) praised Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Charles Grassley (R-IA) for introducing a proposal to extend accelerated, or “bonus” depreciation for equipment purchases in 2010 including general aviation (GA) aircraft. The existing
accelerated-depreciation policy expired at the end of 2009; in April,
NBAA joined with more than 80 American businesses and organizations in
sending an open letter to House and Senate leaders calling for renewal
of the policy.
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The manufacture and use of business aircraft supports more than one million jobs, contributes positively to the nation’s trade balance, helps companies of all sizes be more efficient, productive and competitive and provides a vital transportation link to communities across the U.S., especially those that have lost some or all airline service in recent years. Nevertheless, a continuing economic recession has weighed heavily on the industry, which over the past year has witnessed a significant drop in flight hours, decreased aircraft sales, and a raft of layoffs among aircraft manufacturers. Retaining accelerated depreciation would help incentivize the purchase of general aviation aircraft, and the jobs and other benefits that come with it.
“Introducing
legislation in the Senate to renew the existing accelerated depreciation
policy as part of the recovery effort would continue the virtuous cycle
of stimulating a vital industry through tax incentives, bringing back
more U.S. manufacturing jobs and improving our trade balance, and at the
same time enabling many more American companies to continue using
business aviation to succeed,” Bolen said. |