News
Net Operating Loss Provision Signed into Law
Friday, November 13, 2009
The Net Operating Loss provision included in the unemployment/tax credit bill was signed into law by President Obama last Friday. The bill passed the House with the provision to allow businesses that have incurred losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years.
PMPA’s retained lobbyist, The Franklin Partnership did an outstanding job on the association’s behalf urging members of Congress and the Obama Administration to support the NOL provision. The Association was also actively involved in supporting the efforts of the Net Operating Loss Coalition to further promote NOL legislation.
A special word of thanks to the more than 150 members, led by PMPA’s Government Affairs Committee, who answered the call on NOL by responding to their legislators using PMPA’s Action Alert Center. Member involvement in lobbying their Congressmen and Senators no doubt helped with this grassroots effort.
This legislation will soon be enacted, with the IRS providing a directive on Net Operating Loss and the steps companies will need to take. PMPA recommends that you consult with your tax adviser on this matter.
Review the report below from Deloitte’s Tax Policy Group on Net Operating Loss that may answer many of your questions.
Contact Name: Rob Kiener
Contact Email: rkiener@pmpa.org
Contact Phone: (440) 526-0300
Related Files:
NOL Summary Report
Related Links:
HR 3548
NOL Highlight for Businesses
President Signs Unemployment Bill with Tax Items
