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Sun, Mar 28, 2010

Airports Council Applauds House Vote On Tax Relief

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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