ACI-NA commends House for tax relief extension
24-Mar-2010 Airports Council International – North America (ACI-NA), applauds the House’s passage today of HR 4849, the Small Business and Infrastructure Jobs Tax Act of 2010, that includes a provision extending the Alternative Minimum Tax (AMT) relief for private activity bonds (PABs) provided in the American Recovery and Reinvestment Act (ARRA) through 2011.
The provision-included by Congressman Richard Neal (D-MA) during the Ways and Means Committee drafting of the bill -also extends the refinancing provision found in ARRA for PABs issued between 2004 and 2008 to be refinanced through 2011.
"Airports serve as a true testimony to how this provision has made a significant difference in the bond market," said ACI-NA President Greg Principato. "Airports have sold almost $10 billion in bonds since the passage of the stimulus in 2009. This has had a phenomenal impact on airports, benefiting passengers and the economy as airports are now equipped to fund important safety and security projects and in doing so have created thousands of jobs."
The credit market for PABs was virtually frozen prior to the passage of the ARRA. Many ongoing airport infrastructure projects were in danger of stopping while others were put on hold. This significantly hampered airports' ability to implement essential capacity projects and ensure passenger needs are met.
The Senate is expected to consider the bill in April.