Congress approves extension of NOL provision

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Both houses of Congress overwhelmingly approved an unemployment insurance extension bill Thursday that includes long-sought language that will extend the Net Operating Loss carryback period for all companies from the current two-year allowance to five years.

Under the expanded NOL carryback provision, businesses can use losses from 2008 or 2009 to offset taxable profits earned in the previous five years, according to the National Marine Manufacturers Association.

Refunds from the carryback will free up much-needed capital cash needed to fund operations, retain employees and help companies keep their doors open for business, the NMMA says.

NMMA and its allies have worked closely with congressional leaders for nearly a year on this provision.

Click here for an article on the bill.

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