NAHB Continues to Seek Co-Sponsors for NOL Bills
NAHB continues to advocate expansion of the Net Operating Loss (NOL) carryback provision passed earlier this year as part of the American Recovery and Reinvestment Act (ARRA). The ARRA provision provides for a five-year carryback of 2008 NOLs for businesses with average gross receipts of no more than $15 million in 2006, 2007 and 2008.
In the House, Reps. Richard Neal (D-Mass.) and Pat Tiberi (R-Ohio) have introduced H.R. 2452, the Net Operating Loss Carryback Act, which eliminates the $15 million cap and allows 2009 losses to also be eligible for the expanded carryback.
Companion bill S. 823 was introduced in the Senate by Finance Committee Chairman Max Baucus (D-Mont.) and Sen. Olympia Snowe (R-Maine). Both bills also prohibit any entity that accepted Troubled Asset Relief Program (TARP) funds from utilizing the provision. Currently, H.R. 2452 and S. 823 have 86 and 36 co-sponsors, respectively.
NAHB is working with a coalition of industries to build strong co-sponsorship for the two bills, so that there will be evidence of widespread, bipartisan support when an opportunity arises to move the bills forward.
To confirm that your member of Congress is a co-sponsor of these bills, go to www.loc.gov/thomas and enter either bill number in the search field. If they are not presently co-sponsors, please contact them immediately and urge them to join the co-sponsorship list.
For more information, e-mail Greg Brown at NAHB, or call him at 800-368-5242 x8421.