ELFA supplements earlier economic stimulus recommendations.
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Press Release Summary:
To encourage investment in domestic manufactured capital goods, ELFA proposes Investment Tax Credit at 10% rate on temporary basis for capital equipment. ELFA suggests extension of renewable energy production tax credits and investment tax credits on multi year basis for solar, wind, and geothermal energy property. As incoming Administration considers health care, ELFA proposes to allow tax-exempt medical institutions access to cost effective financing sources for high technology equipment.
Original Press Release:
ELFA Supplements Earlier Economic Stimulus Recommendations to Obama Administration
Washington, DC, January 7, 2009: The Equipment Leasing and Finance Association (ELFA) supplemented earlier recommendations sent to the new Administration to stimulate the U.S. economy through enhanced investment in capital goods or real assets.
This set of recommendations was sent by ELFA President Kenneth E. Bentsen, Jr. to Dr. Lawrence Summers, Chair Designate of the National Economic Council and is supplemental to a November 2008 submission from the ELFA to the chair of the Obama-Biden Transition Project and to similar proposals offered by ELFA last November to the House and Senate tax writing committees.
First, in order to encourage purchase and investment in domestic manufactured capital goods, the ELFA proposes an Investment Tax Credit (ITC) at a 10% rate on a temporary basis for capital equipment.
Second, ELFA proposes the extension of renewable energy production tax credits (PTCs) and investment tax credits (ITCs) on a multi year basis for solar, wind, and geothermal energy property which would spur development and investment in these important technologies.
Third, as the incoming Administration considers health care components in its economic stimulus package, ELFA proposes to allow tax-exempt medical institutions access to cost effective financing sources for their high technology equipment needs.
The full text of this most recent letter is appended to this email (below).
About ELFA
The Equipment Leasing and Finance Association is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing investment in capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 700 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org
