Equipment Leasing and Finance Association Is a trade association which represents financial companies and manufacturers in the finance sector. It provides funding for both small and large enterprises.
Equipment Leasing and finance association has tremendously advocated for equipment leasing to the federal government. The federal advocacy intend to maintain regulatory measures which shall encourage transparency and accountability for equipment financial transactions. It has implemented outstanding principles such as Bankruptcy reforms, energy regulation, transportation rules, tax regulation and Healthy care. In 2005, Congress Debated and enacted the Bankruptcy Abuse Prevention and Customer Protection Act. The Act gave the debtor-lessee power to perform all financial duties after the order for relief all monetary obligations. This led to constant interpretation of bankruptcy section. This Act led to proper regulation of rental payments.
Renewable energy and Financial Reforms
Renewable energy projects have surfaced as an essential aspect of the finance industry. The government has continuously given its unwavering support to renewable energy technologies due to its advancement. The government has offered production tax credits. The United States Department of the Treasury makes payment for a person who is eligible for specified energy property. However, these payments are only meant for properties used for the production of income; nonbusiness energy properties are not inclusive. The Act defines application and payments procedures.
In 2010, the then president Barrack Obama signed into a law Street Reform and Consumer Protection Act, which had critical financial Implications for Equipment finance. The Financial Legal Committee Implemented the regulation of non-bank financial institutions and the impact of risk retention rules.
Transportation and Tax Reforms
There is a bipartisan agreement for comprehensive tax reform to improve the economy in the United States. The clients are not happy with the unfair tax code and rising deficits. Equipment Leasing supports a tax reform that ensures maximum flexibility in financial offers for any enterprise. It also avoids any change that leads to the elimination of interest deductions that would increase the cost of production.
The Equipment Leasing and Finance Association members are part of the vendor financing, and they work closely with the dealers. In transport sector Finance association has improved legislative regulations in rail, marine and air equipment finance.
In the Aviation sector, Finance Association has worked in conjunction with Federal Aviation Administration to renew registration process for aircraft.
In rail arena, it has seen the advancement of high-speed rail program and the use of pool lease.
In the marine arena, Finance association has embarked on provisions which affect finance lessors in marine space. They have in fact written a letter to the House of Representatives to make permanent the expiring tax provisions. In their letter, they indicated that the tax provisions were imperative to the economy of U.S. They noted that failure to extend the rules would lead to instability and interfere with employment in the marketplace.
Elaonline.org has indicated that the expired provisions ought to be renewed to ease implementation in for the usual tax filing. A delay in tax filing season would mean a delay in tax refund checks which would result in instantaneous economic sabotage.
The Equipment Leasing and Finance Association has fought hard to see the advancement of both small and large businesses as well as monitoring the economic growth of United States.