WASHINGTON, DC, May 23, 2003 – Today, the United States House and Senate passed H.R. 2, the Jobs and Growth Tax Act of 2003. The bill includes a provision which GAMA has pushed that will increase from 30 percent to 50 percent the first year depreciation allowance for capital goods, including airplanes.
“The increase in the first year depreciation allowance should be a big boost to general aviation,” said General Aviation Manufacturers Association (GAMA) President & CEO, Ed Bolen. “This is a real financial incentive to buy airplanes now.”
Increasing the depreciation amount from 30 percent to 50 percent has been a top GAMA legislative priority for the year. The provision is set to expire on January 1, 2005.