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Congress Urged to Retain NOLs Business Provisions

Mon, June 15, 2020 2:48 PM | Anonymous member (Administrator)

CIRT joined a broad based cross-section of businesses to express strong support and appreciation for the provisions enacted in the CARES Act relating to net operating losses (NOLs).  The letter to leaders of the Senate Finance Committee observed how beneficial these changes were at a challenging time for many industries, providing them critical liquidity for operations. But it also raised alarm bells pointing out that: “We are concerned that some in Congress are seeking to reverse these changes and would urge you to leave them in place.”  As noted in CIRT’s story on (04/24/2020) regarding this topic: the ability to carryback NOLs is a critical component of a well-operating income tax system; having long been a bipartisan tool utilized by lawmakers routinely applied during times of economic distress.  [For details see Letter to Senate Finance Committee].

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