NMMA wants to extend tax allowance on losses

Author:
Updated:
Original:

The National Marine Manufacturers Association is leading a 71-member coalition urging Congress to extend the net operating loss carryback period to five years from the current years.

A net operating loss is a period when a company’s expenses exceed its profits, resulting in negative taxable income. Currently, a company can use its NOL to offset taxes owed on profits made in the two previous years.

Extending the carryback period provides companies increased short-term liquidity as they struggle to keep their doors open, according to the NMMA.

“Congress has used NOL carryback relief in the past to help manufacturers, retailers and companies across all sectors,” said NMMA president Thom Dammrich.

For information, contact NMMA counsel Bryan Zumwalt at (202) 737-9764; bzumwalt@nmma.org.

Related

Dealer Week launches with non-marine field trip

The field trip included visits to the Tampa Bay Lightning NHL team to learn about community engagement, Columbia Restaurant to hear about succession planning and Lazydays RV center for workforce retention strategies.