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Congress OK’s Two-Year Business Tax Carry-Back

November 9, 2009 by · Leave a Comment 

On Nov. 5, the U.S. Senate and House passed the “Unemployment Compensation Extension Act of 2009” (S. 3548) which includes an expansion of the net operating loss (NOL) tax provision sought by the NOL Coalition, of which RVIA is a member.

This passage of an extension to the existing IRS rule on a two-year carry-back means that businesses of any size can take losses from a tax year beginning or ending in 2008 or 2009, and carry those losses to up to five years back, using an amended tax return. That will result in a tax refund and cash now for the business, according to the Recreation Vehicle Industry Association (RVIA).

The law will be in effect upon the president’s signature, and President Obama is expected to sign the bill within the next couple of days. For more details, contact Christine Siksa in RVIA’s Government Affairs Department, at (703) 620-6003, ext. 363.

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