November 20, 2009
Struggling manufacturers gained much-needed support November 6 when President Obama signed into law expanded net operating loss (NOL) tax relief (Public Law 111-92). This important provision allows companies of all sizes to “carry back” losses in 2008 or 2009 for five prior years to offset taxes paid in profitable years. Previously, manufacturers could only carry back losses for two years, which did not provide enough relief given the weak economy. The NAM chairs the NOL Coalition to bring broad-based industry support to our efforts.
On November 19, the NAM co-hosted a webcast with accounting firm Deloitte to explain the details of the new NOL tax relief. The PowerPoint presentation used in the webcast covers NOL related issues such as the impact on the section 199 manufacturing deduction, S-corporation shareholders, alternative minimum tax NOLs, and how to get expedited tax refunds. To obtain a copy of the PowerPoint or for Details: Monica McGuire, (202) 637-3076.
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