Here’s a short story that relates, I think, to the plight of the business jet.
The fourth annual Future of Business Jets conference will be staged in London from November 10 to 11 at the Millennium Gloucester Hotel. It will address prospects in emerging markets such as the Middle East, Brazil, India and China. Also on the program are issues such as environmental impact, security restrictions, financial
General aviation groups hailed the passage late last month of a bonus depreciation bill, H.R.5297, that will allow for accelerated depreciation of business aircraft. The House of Representatives already passed this legislation in June, but had to vote on it again on September 23 because the Senate’s version approved a week earlier contained minor differences.
General aviation groups today hailed the passage of a bonus depreciation bill that will allow for accelerated depreciation of business aircraft. The Senate passed its version shortly after legislators returned from their summer recess last week. The House of Representatives already passed similar legislation in June, but had to vote on the Senate version since it contained minor differences.
NBAA said the Senate approved legislation on Friday that includes accelerated depreciation for “strategic business purchases this year,” which includes business aircraft. “NBAA applauds the Senate action, and urges the House to approve the Senate-passed version this month to allow companies to take advantage of this accelerated, or ‘bonus,’ depreciation before the end of the year,” said NBAA president and CEO Ed Bolen.
Although support for accelerated depreciation for major equipment purchases is growing, Congress left for its summer recess without making it so. Last month, NBAA senior vice president for government affairs Lisa Piccione told the Greater Washington Business Aviation Association (GWBAA) that NBAA has joined 80 other business organizations in pushing to see accelerated depre ciation renewed in pending legislation in the Senate.
With the rancor over business jet use now receding in Congress’s rear-view mirror, House and Senate lawmakers are jumping in line to extend accelerated depreciation for major equipment purchases– including general aviation aircraft–in 2010.
Aviation Alliance Insurance Risk Retention Group (AAIRRG), an entity that provides product liability insurance exclusively for Arsa member repair stations, will be able to offer that coverage at well below market rates, according to the group.
For French aerospace industry association GIFAS the crisis year of 2009 was a “year of resilience” and 2010 is “a year of transition,” with air traffic increasing again powered by low-cost companies and the emerging nations. GIFAS chairman Jean-Paul Herteman said he is “confident that 2011 could be a year of recovery for our industry, but it will not come sooner.”
The Aeronautical Repair Station’s efforts to create a risk-retention group to provide commercial liability insurance for its members is closer to fruition. In late June, the Aviation Alliance Insurance Risk Retention Group (AAIRRG), established by ARSA and Polaris Enterprise Group, received its certificate of authority (insurance license) from the state of Montana.