Skip to main content

Amendment would give tax break to Gulf businesses

An amendment to the Senate tax extenders bill introduced by Sen. Bill Nelson, D-Fla., would allow fishing and tourism-related businesses, including recreational boating businesses, an extended net operating loss carryback period from the current two years to five years for tax-year 2010, the National Marine Manufacturers Association reports.

This means that tourism-related businesses in the Gulf would be able to amend their tax returns to get a refund for taxes paid in profitable years if they are in a loss position as a result of the oil spill.

The NMMA strongly supports this amendment and said "this proven, quick and timely tax relief would provide crucial capital for companies in the Gulf negatively impacted by the oil spill as they await fulfillment of claims by BP."

For information, contact Mat Dunn at (202) 737-9760.

Click here to read the NMMA's letter of support to Sen. Nelson.

Related

1_AKZO.STEWART

AkzoNobel Names Marketing Manager

Jessica Stewart is an experienced marketing, brand and product manager and has held several global roles.

1_IBEX.DEADLINE

IBEX Innovation Awards Deadline Looms

Entries must be in by tomorrow for the program, which will announce winners Sept. 27 in Tampa, Fla.

1_ONEWATER.ROY

OneWater Appoints Board Member

Steve Roy will raise the company’s board count to 11 and brings independent financial expertise to the board.

1_ABYCELECTRIFICATION

Ready for a Revolution?

The recreational marine industry is seeing advancements in lithium-ion batteries, electric propulsion and the need for charging infrastructure.

2_RIT-Yellowfin Selects_11

Big Data, Little Price

Radian IoT allows real-time data collection using a device that’s the size of a cellphone.

AdobeStock_450592682

Great Culture in Four Steps

Four steps to create a great culture within your business.

Screen Shot 2022-08-10 at 10.20.10 AM

Inventory Still the Retail X-Factor

Dealers turn to maintenance, marketing and storage services for the off-season

pic-1_300-dpi

Get Paid 85 Percent Faster

Business texting and pay-by-text systems can help speed up incoming cash flow