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Tue, Dec 14, 2010

NBAA Welcomes Administration Tax Plan

Proposal Would Expand Tax Benefits For Business Investments, Including Aircraft

NBAA President and CEO Ed Bolen said Monday that the association welcomes a proposal, announced last week, that would give U.S. companies tax benefits to help preserve manufacturing jobs, while allowing companies immediate access to the benefits of business aircraft.

"NBAA is pleased that the administration and congressional leaders are considering additional ways in which tax incentives can be applied to investments in strategic business assets, including aircraft," Bolen said in a news release.

The tax proposal, first outlined by the White House, would include allowing businesses 100-percent expensing of investments in capital assets through December 31, 2011, retroactive from September 8, 2010, and an accelerated, or "bonus," depreciation allowance of 50 percent during 2012. A bonus depreciation extension through the end of 2010 has already been signed into law. Purchasers of noncommercial aircraft will have an extra year to put the plane in service and qualify for expensing and bonus depreciation.

NBAA was briefed on the proposal in a conference call with White House senior staff to outline the President's overall plan for taxes and unemployment insurance, which includes several provisions designed to boost employment and accelerate business investments through 2012. "We will continue working to underscore the importance of initiatives like the one outlined by the White House, which will preserve business aviation manufacturing jobs, while also giving companies immediate access to the efficiency, productivity, competitive and other benefits that come with the use of an aircraft," Bolen said.

NBAA will continue to support the proposal as negotiations between the White House and congressional leaders take place, including how the 100-percent expensing provision might be made available for companies to apply in tax years 2011 and 2012.

FMI: www.nbaa.org

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