Says Airports Play A Key Role In The Federal Bond Market
Airports Council International - North America (ACI-NA), said
Wednesday that the House's passage of HR 4849, the Small Business
and Infrastructure Jobs Tax Act of 2010, will be beneficial to
airports around the country. The measure includes a provision
extending the Alternative Minimum Tax (AMT) relief for
private activity bonds (PABs) provided in the American Recovery and
Reinvestment Act (ARRA) through 2011. A provision inserted in the
bill by Congressman Richard Neal (D-MA) during the Ways and Means
Committee drafting of the bill extends the refinancing provision
found in ARRA for PABs issued between 2004 and 2008 to be
refinanced through 2011.
ACI-NA President Greg Principato said airports are a prime
example of how this provision has made a significant difference in
the bond market. "Airports have sold almost $10 billion in bonds
since the passage of the stimulus in 2009," he said. "This has had
a phenomenal impact on airports, benefiting passengers and the
economy as airports are now equipped to fund important safety and
security projects and in doing so have created thousands of
jobs."
The credit market for PABs was virtually frozen prior to the
passage of the ARRA. Many ongoing airport infrastructure projects
were in danger of stopping while others were put on hold. This
significantly hampered airports' ability to implement essential
capacity projects and ensure passenger needs are met.
The Senate is expected to consider the bill in April.
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