WASHINGTON, DC, May 11, 2004 – The General Aviation Manufacturers Association (GAMA) responded enthusiastically to the Senate’s passage of S. 1637, the Jumpstart Our Business Strength (JOBS) Act today. Included in the bill is a provision extending for another 12 months the accelerated (bonus) depreciation "placed-in-service" date for general aviation aircraft. This is GAMA’s top legislative priority for the year.

"With Senate passage, we have cleared another major hurdle to extending the benefits and positive effects of bonus depreciation for our industry," said Ed Bolen, GAMA President & CEO. "We now call on the House of Representatives to take quick action on the bill."

With the long lead-time to produce an airplane, extension of the “placed-in-service” date is crucial to airframe manufacturers as well as purchasers who can then benefit from the extended depreciation schedule, which is set to expire at the end of this year. Bonus depreciation was the deciding factor in 35 percent of the aircraft purchases after its passage last year. It has provided a compelling reason to go forward with, rather than defer, capital purchases in a weak economy resulting in increased sales for general aviation manufacturers and directly affecting job retention, hiring and preventing layoffs.