Posted on December 22nd, 2010
The National Business Aviation Association (NBAA) welcomed 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,” said NBAA President and CEO Ed Bolen.
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.