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; firstname.lastname@example.org.