Tax Day: ARSA Lays Out Tax Reform Priorities
As Americans submitted their annual tax returns to the Internal Revenue Service, ARSA outlined the aviation maintenance industry’s tax reform priorities.
In comments to the Senate Finance Committee’s Business Income Tax and Savings & Investment Working Groups, ARSA Vice President of Legislative Affairs Daniel B. Fisher encouraged Congress to “restore long-term certainty and simplification to the tax code, and pursue pro-growth tax policies to encourage job creation, economic growth, business risk-taking, and investment.”
Specifically, Fisher urged Congress to proceed simultaneously on corporate and pass-through tax reform, permanently increase Sec. 179 expensing and phase out levels, repeal the federal estate tax and refrain from altering general aviation aircraft depreciation schedules.
The Senate Finance Committee established working groups to solicit ideas for creating a simpler, fairer and more efficient tax code. In addition to business income and savings and investment, teams are analyzing existing tax law and examining policy trade-offs in the areas of individual income tax, international tax and community development and infrastructure. Each is tasked with issuing recommendations by the end of May.
“ARSA looks forward to working with Congress to ensure the small-medium sized-dominated aviation maintenance industry benefits from comprehensive tax reform,” Fisher said. “Tax policy should drive growth and job creation while facilitating entrepreneurship, efficiency and business investment to ensure economic viability and U.S. competiveness.”