Should Congress enact a five-year net operating loss (NOL) carryback for companies of all sizes?
Background Current law generally limits the NOL carry back period to two years. The American Recovery and Reinvestment Act increases the carry back period to five years, but only for businesses with average gross receipts of $15 million or less. Businesses could carry back losses to previously profitable years and generate much-needed refunds. While the Senate supported a broader NOL carryback provision, it was dropped in negotiations with the House over cost concerns. Printing Industries of America Position The NOL carryback provision is one of the strongest tools Congress can provide to help companies through the economic downturn. Faced with limited access to capital, the ability to transform a future tax benefit into cash today is critical to maintain otherwise viable businesses. Printing Industries of America supports a broad extension of the NOL carryback provision so that companies of sizes can take advantage of the provision. 111th Congress and Obama Administration President Ob
Related Questions
- If I carried back a net operating loss two years for federal purposes, am I required to carryback the net operating loss two years for Mississippi purposes?
- If I am filing an amended Mississippi return to carryback a Mississippi net operating loss, what documentation should I include?
- What is an "Eligible Small Business" For Net Operating Loss Carryback Purposes?
