Date: December 11, 2014
To: United Motorcoach Association Members
From: Victor S. Parra, UMA President & Chief Executive Officer
Re: Tax Extenders Benefitting Motorcoach Companies Passes Senate
I am pleased to let you know that late last 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.
UMA supported passage of the bill, which will retroactively extend a package of expired tax breaks for 2014. Of particular interest to motorcoach companies, it 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.
The bill is a welcome legislation that will have a positive impact on your 2014 bottom-line, but it is only a temporary fix for the 2014 tax year. I assure you, our legislative team is already hard at work urging Congress to make this critical tax provision permanent next year and we will keep you posted in the coming months.