Fri, Apr 17, 2015
Senators Wyden, Hatch Sought Industry Input On Tax Code Overhaul
NATA President and CEO Thomas L. Hendricks has provided Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) with views on how to best stimulate aviation business investment. Hendricks urged the Committee to “be bold and develop legislation that includes the full and immediate expensing of capital investments.” NATA’s remarks come in response to Senators Hatch and Wyden’s recently launched bipartisan effort to solicit ideas from interested stakeholders on how best to overhaul the nation’s tax code.
Hendricks (pictured) reminded Senators that NATA has been one of the leading supporters of permanently extending bonus depreciation and Section 179 expensing for small businesses at a level of $500,000. However, Hendricks suggested that an effort to overhaul the tax code provided an opportunity “to look beyond the immediate horizon and enact a tax policy that is truly forward looking and promotes investment.” Hendricks challenged critics of depreciation reminding them, “It is unrealistic to assume investment behaviors would remain unchanged in the face of such a policy change.” He further cited recent research by the Tax Foundation that concluded full expensing would boost GDP by five percent with a resultant increase, not decrease, in overall federal revenues.
Hendricks also took firm exception to the Administration again proposing to lengthen the depreciation schedule for general aviation aircraft purchases. Said Hendricks, “The proposal demonstrates a continued lack of appreciation for the benefits of general aviation, a uniquely American industry with good-paying jobs.” Hendricks concluded that “the full and immediate expensing of capital investments will unleash this sector and cement this nation’s continued global dominance of the aviation industry.”
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