The National Marine Manufacturers Association is urging its members to take action on economic-stimulus legislation being considered by Congress.
The NMMA is helping lead the effort to provide an extension of the Net Operating Loss carryback period from the current two-year allowance to five years for tax years 2008 and 2009, and to temporarily suspend the current 90 percent Alternative Minimum Tax limitation on the utilization of AMT NOLs for this period.
Extending the NOL carryback period will allow companies to receive an immediate tax refund on taxes paid during more profitable years. This will provide businesses with increased short-term liquidity as they struggle to maintain operations during these difficult times, according to the association.
The NMMA is urging members to contact their elected officials and tell them that NOL relief should be included in any final stimulus bill.