Every Little Bit Helps... and GA Needs All The Help It Can
Get
GAMA tells ANN that it is 'very pleased' by the bill introduced
Monday by Senate Finance Committee Chairman Max Baucus (D-MT) and
Ranking Member Chuck Grassley (R-IA) that would extend bonus
depreciation for businesses that purchase general aviation (GA)
aircraft in 2010.
"Bonus depreciation is a powerful incentive to purchase a GA
aircraft and is proven to increase sales during difficult economic
conditions," said Pete Bunce, GAMA's president and CEO. "It is the
one tax provision we have asked Congress to pass to help offset the
decline in sales due to the recession and bring back lost
jobs."
Bonus depreciation was enacted as part of the 2008 economic
stimulus efforts and was extended through the end of 2009 in the
American Recovery and Reinvestment Act. Bonus depreciation allows a
business to deduct an additional 50 percent of the depreciable
value in the first year instead of spreading it out over five
years. This incentive has little to no impact on the federal
deficit, but it does have a very positive effect on sales. In fact,
one GA manufacturer reported that bonus depreciation accounted for
55 percent of all piston sales in 2009.
Bunce added, "Our deepest appreciation goes to Chairman Baucus
and Senator Grassley for their leadership and strong support on
this important legislation. If enacted into law, this bill will be
crucial in helping the GA manufacturing industry get back on its
feet and put Americans back to work."
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