Equipment Leasing and Finance Association - Equiping Business for Success

Industry and Association Milestones

This is a brief — and by no means comprehensive — listing of some of the events that helped shape the association and the equipment leasing and finance industry over the past 50 years.
1961

Association of Equipment Lessors founded to allow industry members to network and share best practices.

   
     
   
1962

Kennedy Administration proposes Investment Tax Credit to stimulate investment. In its first major advocacy effort, association advocates to make lessors eligible for the credit.

     
1971

Board of Directors votes to accept banks as members, following a decision by the Comptroller of the Currency to allow banks to begin leasing.

   
     
   
1975

Association publishes first Survey of Equipment Finance Activity.

     
1978

Association's first headquarters office and staff established in Arlington, Va. Previously, the association was managed by an association management company in Milwaukee, Wisc.

   
     
   
1982

Safe harbor leasing repealed as part of the Tax Equity and Fiscal Responsibility Act.

     
1984

Pickle depreciation limits for leasing to tax-exempt entities enacted.

First Principles of Leasing Workshop.

   
     
   
1985

Securitization of equipment leases begins.

     
1986

Investment Tax Credit repealed in Tax Reform Act of 1986.

Association's political action committee, LeasePAC, founded.

   
     
   
1987

First annual Equipment Management Conference.

     
1988

Association launches Funding Exhibition to bring funders and lessors together.

   
     
   
1992

Association changes name to Equipment Leasing Association of America.

     
1993

State Government Relations commences with direct lobbying in state capitals.

   
     
   
1994

Extended California Manufacturer's Investment Credit (MIC) to leasing.

Legislation enacted facilitating securitization of leases to small businesses.

     
1995

Association website launches.

   
     
   
1998

Association holds first web seminar, titled "ELA Secures Victory in New York Security Deposit Law."

     
2001

Association launches the Performance Indicator  Report (PIR). The report becomes the Monthly Leasing Index (MLI) in 2005 and the Monthly Leasing and Finance Index (MLFI-25) in 2006.

ELFA list serves launched, providing real time networking for industry.

   
     
   
2002

Lease definition and sourcing rule negotiated for the Streamlined Sales Tax Agreement between state governments.

     
2004

ELFA State Tax Manual goes online, providing the industry with continuous updates.

   
     
   
2005

Graves Amendment enacted, which insulates lessors of motor vehicles from state laws that impose vicarious liability on the owner for negligent acts of the operator.

Major bankruptcy reform legislation enacted including favorable change in "ordinary course of business" rule for equipment leasing.

     
2006

Association changes name to Equipment Leasing and Finance Association.

   
     
   
2007

ELFA relocates headquarters from Arlington, Va., to Washington, D.C.

     
2009

Congress in the American Recovery and Reinvestment Act provides favorable rules for lease financing of renewable energy projects.

The Term Asset-Backed Securities Loan Facility (TALF) financial stability program expanded to include equipment leases and loans as an eligible asset class.

   
     
   
2011

ELFA holds 50th Annual Convention in San Antonio, Texas.

     
2014

Foundation celebrates 25th anniversary.

   
     
   
2016

Launched ELFA Events Mobile App.

Financial Accounting Standards Board releases new lease accounting standard, which takes effect Jan. 1, 2019, for most companies.

     
2018

Launched Interactive SEFA dashboard.