On Wednesday evening, the Senate passed legislation (HR 5771), otherwise known as Tax Extenders. The House passed a similar bill on December 3rd, clearing the way for the bill to be headed to the President's desk and enacted into law. The bill extends bonus depreciation of business assets and the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation for 2014 purchases, advocated for by the United Motorcoach Association (UMA).
UMA supported passage of the critical legislation and applauds the House and Senate for its passage and recognition of the importance of business investment and creating jobs. UMA also participated in a coalition of over 500 other industry associations in support of the package of tax extenders.
"We have been monitoring the progress of these tax provisions closely and urging passage at every turn," states Brian Annett, UMA chairman and president of Annett Bus Lines in Sebring, Fla.
Victor Parra, president/CEO of UMA also commented, "Studies reveal that once purchased, every motorcoach equals approximately 3.4 jobs."
A vote on the bill was delayed in the Senate as lawmakers wrestled with an omnibus spending bill that passed last week funding most of the government through the end of fiscal year 2015 and while a number of Presidential nominations were cleared.
The UMA legislative team is already hard at work urging Congress to make this critical tax provision permanent next year.
"Bus and motorcoach company owners need certainty when planning upgrades and expansion," states Brian Annett. "Making tax credits permanent will encourage operators to purchase new coaches and create new jobs."