US House of Representatives pass HR4853
The US House of Representatives have passed HR 4853 the Tax Relief, Unemployment Insurance Reauthorisation and Job Creation Act of 2010.
The National Business Aviation Association (NBAA) welcomed the latest action by the US Government to give US companies tax benefits to preserve manufacturing jobs, whilst allowing companies immediate access to the benefits of business aircraft.
Late last week the US House of Representatives passed the tax proposal HR 4853 the Tax Relief, Unemployment Insurance Reauthorisation and Job Creation Act of 2010. This will allow business 100 percent accelerated or ‘bonus’ depreciation of investments in capital assets, including new aircraft through 31 December 2011, retroactive from 8 September 2010. The legislation also provides for ‘bonus’ depreciation allowance of 50 percent during 2012..
With full Congressional approval for the measure, it now will be sent to the President for his signature.