The Senate on Tuesday passed the one-year extension of the research and development tax credit, bonus depreciation and dozens of other tax breaks, pushing debate over long-term renewal of the measures into 2015. Even so, general aviation groups were pleased that the measures will be in effect for 2014. 

The Senate vote on the “tax extenders” package followed House approval on December 3. The provisions enable companies to take credits for research conducted in 2014, and businesses to deduct 50 percent of qualified assets, including business aircraft, purchased in 2014. The package also renews a measure permitting small businesses to expense certain assets, such as aircraft parts.

Congress settled for the one-year extension after a longer-term package faced a White House veto threat.

GAMA, however, called the extension important for growth and innovation, saying the measures “will allow general aviation manufacturers to introduce new, safety-enhancing products, boost sales and jobs.”

NBAA echoed those thoughts. “The tax policies in this bill strengthen American competitiveness and preserve jobs by giving businesses immediate access to the most advanced equipment and encouraging investment in assets such as aircraft,” said NBAA president and CEO Ed Bolen.

GAMA, NBAA and NATA were among 500 industry groups that wrote Congress in November appealing for an extension.