Washington, D.C. — On September 16, 2010, by a vote of 61 to 38, the U.S. Senate passed H.R.5297, the Small Business Jobs and Credit Act.
This legislation includes an extension of the 50 percent bonus depreciation deduction for 2010, which was a priority for many of AGA’s members. Additionally, it includes approximately $12 billion in tax relief for small businesses and a $30 billion lending fund that will be administered by the Treasury Department.
“Natural gas utilities throughout the country invested in capital projects to improve infrastructure because they expected bonus depreciation to be extended through 2010. Sadly, despite commitments to that effect, it expired at the end of 2009, leaving a wake of uncertainty,” said David Parker, AGA president and CEO. “This week’s action by the Senate to pass the small business bill will finally alleviate the uncertainty utilities have faced.
“Because natural gas is clean, domestically produced and at historically low prices, consumer demand continues to grow, and our members must be able to expand to meet that demand. Bonus depreciation provides an incentive to expand and upgrade our natural gas infrastructure and we are hopeful that the House will move swiftly next week so that the President can sign this critical legislation into law,” Parker concluded.