WASHINGTON, DC, June 17, 2004 – The General Aviation Manufacturers Association (GAMA) is applauding House passage of H.R. 4520, the American Jobs Creation Act. Included in the comprehensive tax bill is a provision extending, for an additional twelve months, the placed-in-service requirement for purchasers of general aviation aircraft wishing to qualify for 50 percent accelerated or bonus depreciation. Extension of this placed-in-service requirement is GAMA’s top legislative priority for 2004.

“Today’s vote in the House of Representatives marks another significant milestone in our effort to extend bonus depreciation for purchasers of general aviation airplanes,” said GAMA president and CEO Ed Bolen. “We hope that negotiators from the House and Senate can quickly resolve any differences between their two versions of this bill, and send it to President Bush for his signature.”

The Senate passed its version of the tax bill in May. That bill, S. 1637, included the same provision for extending the placed-in-service requirement for general aviation airplanes as the House bill. As a result, it is anticipated that the provision will be included in the final bill that emerges from the conference of House and Senate members.

The extension of the placed-in-service requirement is necessary because general aviation aircraft take longer to manufacture than other products.