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NOL Carryback Passes - Benefits Businesses of All Sizes

On November 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.


President Obama signed the bill into law on November. 6, making legal an extension to the existing
IRS rule on a 2-year carry-back. This 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.


RVIA Vice President of Government Affairs Dianne Farrell said. β€œThe NOL Carryback extension will result in businesses of any size being able to receive a tax refund, giving them cash that can be invested back in the business now.”


She continued, β€œAs part of the NOL Coalition, RVIA staff worked hard on ensuring passage of this legislation. During a tough year, this new law should help many RV industry members.”


For more details on the legislation and what it means for businesses of all sizes, contact Christine Siksa in RVIA's Government Affairs Department, at csiksa@rvia.org or
703-620-6003, ext. 363.

 

 

 

 

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