Research and Development tax credit increase to benefit GA
March 24, 2011, 09:11 pm
The American Research and Competitiveness Act of 2011, currently under consideration, may have a positive impact on general aviation, according to General Aviation News.
If passed, the bill would increase the research and development tax credit from 14 percent to 20 percent, raising the financial incentive to engage in general aviation innovation.
"The pace of technological advancements in the general aviation industry is continuous and R&D is essential for manufacturers to produce state-of-the-art products that make aviation safer," said Jack Pelton, president and CEO of Cessna Aircraft Company. "Modernizing, strengthening and making permanent the R&D tax credit is vital to the future of our industry as we all attempt to recover from the economic downturn and diversify our products."
This financial incentive may also lead to the development of more safety technologies, which may lead to a reduction in the number of aviation accidents in the future. However, some hazards will likely remain a major concern for pilots and still lead to fatal crashes. Pilot life insurance can be an important security for the families of pilots who take the risk of encountering an unforeseeable danger each time they fly.
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